Oil prices slumped 3% on Monday.
Surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand.
Commercial oil stocks in the United States last week decreased by 4.5 million barrels.
Oil prices fell for a third day straight on Wednesday on growing expectations that supply growth will outpace demand growth next year.
Governments around the world, including most recently Britain and Norway, have tightened restrictions to stop the spread of the Omicron variant.
Both benchmarks posted gains of about 8% last week.
Oil prices dipped on Friday but were still on track to their biggest weekly gain since late August.
Oil adds to gains as worries over Omicron ease.
Benchmark crude climbs over $1/bbl.
Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States.
Brent goes up above $70 a barrel.
In stark contrast to crude oil, natural gas appears to be largely immune to the potential impact of the new Omicron coronavirus variant.