Global crude oil prices fell for the fourth straight week as investors worried about oversupply as the United States temporarily spared eight countries from Iran-related sanctions during the week.
The waivers could allow top buyers to keep importing Iranian oil after economic penalties come back into effect on Monday.
So US crude futures ended the week at 63.14 dollars a barrel, slipping 6.6 per cent this week. Brent crude oil futures finished the week at 72.91 dollars a barrel. Brent slumped 6 per cent during the week and 16 per cent since the beginning of October, when it reached its highest since 2014.
Crude prices are under pressure as world oil production has been rising significantly in the past two months. Russian Energy Ministry data showed on Friday that the country pumped 11.4 million barrels per day of crude, highest in last 30-year high in the month of October.
Organization of the Petroleum Exporting Countries boosted oil production in October to 33.3 million barrels per day, up 390,000 barrels per day and the highest by OPEC since 2016.