Oil prices slid about 1 percent on Friday, posting their first weekly loss in five weeks, as a bounce-back in U.S. production outweighed ongoing declines in crude inventories.
Brent crude futures fell 70 cents, or 1 percent, to $68.61 a barrel. On Monday, they hit their highest since December 2014 at $70.37.
U.S. West Texas Intermediate (WTI) crude futures ended Friday's session down 58 cents at $63.37 a barrel. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.
Both benchmarks posted a weekly loss of more than 1 percent.
The International Energy Agency (IEA), in its monthly report, said that global oil stocks have tightened substantially, aided by OPEC cuts, demand growth and Venezuelan production hitting near 30-year lows.