Oil prices stabilized Friday in global markets
By 0629 GMT, US West Texas Intermediate crude futures were $ 65.73 a barrel, up 6 cents from the previous settlement price.
WTI is heading down for the fifth week, after falling 4% since the beginning of the week.
Brent crude futures for the month were $ 70.84 a barrel, up 19 cents from the previous close. Brent is heading down nearly 3% this week, down for a fifth week in a row.
Brent crude and Western Texas Intermediate fell about 20% from a four-year high reached in early October.
William Oloflin, investment analyst at Refin Securities in Australia, said: "PricesOil is officially in a falling market now, after falling 20% from its peak in October. "
Analysts say the main downward pressure on prices comes from rising supplies, despite US sanctions on Iran imposed this week, as well as concerns about an economic slowdown .
analysts said Bernstein Energy " , while continuing to increase OPEC 's exports, stocks continue to rise, posing a downward pressure on prices."
one said , " a slowing global economy remains the main risk that pushes oil to fall". "