A report issued by the International Energy Agency eased fears of tightening the oil supply, and indicated that the productivity of the markets is at comfortable levels and supplied with oil sufficient to face any disturbances, which pushed oil prices back down.
As Brent crude futures reached their highest prices so far at $ 74.50 a barrel, they retreated after the first decline after three days of rise, achieving gains for the fifth consecutive week.
The US West Texas Intermediate crude futures reached their highest levels at $ 66.17 a barrel, to drop below $ 66 again, ending the eighth week of gains.
As the American Petroleum Institute data showed on Tuesday, that American crude oil prices increased by 6.9 million barrels last week, more than expected and data from the Energy Agency is scheduled to be released later today, Wednesday.
Carsten Fritsch of the American Commercial Bank also pointed out that the factors that can lead to higher prices are great, so paying about $ 80 a barrel is more likely than falling below $ 70 a barrel.
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