Oil prices rise, head for weekly loss

10:48 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose on Friday amid Donald Trump's tariff threats. However, they are poised for weekly losses.

 

Brent crude futures for March delivery rose 0.49% to $77.25 a barrel, at 9:20 am Makkah time. Futures for April delivery also increased 0.51% to $76.28 a barrel.

 

In addition, futures prices for US West Texas Intermediate (WTI) crude for March delivery went up 0.80%, or $0.58, to $73.31 per barrel.

 

Brent crude is set for a weekly loss of around 1.3%, while US crude heads to record a loss of approximately 1.7% this week. This follows data released on Wednesday showing a rise in US inventories, which indicates reduced fuel demand.

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