As speculators cashed in on last week’s surge and settled in to await this week’s market estimates from OPEC and the International Energy Agency
While West Texas Intermediate had fallen below $80 and was currently changing hands for roughly $79.30 per barrel, Brent crude was trading at just over $84.50.
the price of crude oil last week experienced its steepest weekly price increase since last October.
Last Friday, Brent crude reached a settlement price of over $85 per barrel, and WTI completed the week at over $80 per barrel.
OPEC predicted in December that this year’s oil consumption would increase by 2.2 million BPD, down from 2.5 million BPD in 2016.