Brent increases to over $65 at week beginning March 4

By Ovunc Kutlu and Gulsen Cagatay

ANKARA (AA) - International benchmark Brent crude increased to $65.21 per barrel at 0639 GMT while the price of American benchmark West Texas Intermediate (WTI) boosted to $55.94 a barrel on Monday.

On Friday, Brent closed at $64.76 per barrel and WTI traded at $55.64 per barrel.

The U.S.' crude oil production continued to ramp up production to another recent record high, increasing the glut of supply in the global oil market and creating a downward pressure on oil prices.

The world's biggest crude oil producer saw its crude output rise by 104,000 bpd to a new all-time record of 12.1 million barrels per day (bpd) for the week ending Feb. 22, the EIA data showed last Wednesday.

Crude oil prices started lower on Thursday after Japan posted its largest decline in factory output in a year resulting in weaker crude demand with potential economic slowdown in the world's fourth biggest oil consumer.

On Friday, crude oil prices finished the week ending March 1 higher as the Organization of Petroleum Exporting Countries (OPEC) was determined to continue cutting production.

After deciding to lower their collective output by 1.2 million barrels per day (bpd) for the first half of 2019, OPEC and its allies are "taking a very slow and measured approach" to implement their deal, Saudi Arabia’s Energy Minister Khalid Al-Falih said Wednesday.

However, the number of oil rigs in the U.S. decreased last week, according to data released by oilfield services company Baker Hughes on Friday.

The U.S.' oil rig count, an indicator of short-term oil production in the country, posted a decline of 10 and fell to 843 for the week ending March 1.

Despite the decline in oil rig count, crude oil prices showed losses on Friday, as Brent price decreased 1.4 percent to finish the day at $65.07 per barrel, and WTI fell 2.5 percent to close at $55.80 a barrel.

U.S. crude production is expected to average 12.4 million bpd in 2019 and 13.2 million bpd in 2020, according to the EIA's Short Term Energy Outlook report for February.