Brent, the Worldwide Benchmark Blend’s Futures, Settle, at $87.89 a barrel

Oil prices’ level fell for the 2nd day, in a row, on Friday, under pressure from an unexpected increase in the US crude as well as fuel stockpiles, while investors were keeping taking profits from the price hike, to a seven-year high, earlier in the week.

Nevertheless, Brent blend, the worldwide benchmark, has risen for the 5th week, in a row, to achieve about 2% this week. Prices have risen more than 10% since the beginning of the year amid fears of tight supplies.

Brent blend futures slipped 49 cents, or 0.6%, to settle at $87.89 a barrel, while West Texas Intermediate crude, the Western hemisphere benchmark, fell 41 cents, or 0.5%, to settle at $85.14 a barrel.

Earlier in the week, both Brent and W. T. Intermediate have risen to their respective highest levels, since October 2014.

The recent decline is likely due to a combination of profit-taking before the weekend and the absence of catalysts for optimism,” said Stephen Brennock, an analyst at BVM, referring to the pessimistic data on Thursday from the US Energy Information Administration.

Other analysts also said they expect the current pressure on prices to be limited, due to supply concerns and rising demand.

However, the Paris-based International Energy Agency (IEA) said on Wednesday that oil supply is expected to exceed demand soon, as some producers are expected to pump, at or above all-time highs, while demand holds up, despite the spread of the mutant Omicron variant.