Oil prices rose modestly on Friday but remained on track for a weekly decline after U.S. President Donald Trump announced plans to boost domestic production and pressed OPEC to lower crude prices.
Brent crude futures gained 25 cents to $78.54 per barrel by 1147 GMT, while U.S. West Texas Intermediate (WTI) crude rose 22 cents to $74.84 per barrel.
Despite Friday’s gains, Brent recorded a nearly 3% loss over the week, while WTI declined by close to 4%. Market positions built up ahead of Trump’s inauguration to hedge against potential supply disruptions have started to unwind, analysts noted.
At the World Economic Forum on Thursday, Trump called on OPEC and its de facto leader, Saudi Arabia, to reduce crude prices. He also urged Riyadh to increase its U.S. investment package from $600 billion to $1 trillion, as earlier reported by Saudi state media.
On Monday, Trump declared a national energy emergency and rolled back environmental restrictions to maximize U.S. oil and gas production. He further escalated trade tensions during the week, threatening new tariffs on Canada, Mexico, and China, alongside a 25% tariff on the European Union.
U.S. crude inventories fell by 1 million barrels to 411.7 million barrels in the week ending January 17, marking the ninth consecutive weekly decline, according to a delayed report from the U.S. Energy Information Administration. Traders expect oil prices to range between $76.50 and $78 per barrel in the near term.
