Oil prices settle pennies higher, down for week as Trump touts energy policy
Oil prices settled slightly higher on Friday but posted a weekly decline, ending four straight weeks of gains, after U.S. President Donald Trump announced sweeping plans to boost domestic production while demanding that OPEC move to lower crude prices.
Crude oil futures posted their first weekly loss in five weeks, finally falling back after a New Year rally spurred by increased Russia sanctions, winter weather demand and a two-month slide in U.S.
Oil futures recover from a swoon after President Trump said he would ask Saudi Arabia and OPEC to lower crude prices, which would imply the producer group bringing back some withheld production.
Oil futures declined in Asian trading. Prices remain volatile as traders try to assess the fallout from recent U.S. sanctions on Russia’s energy sector, ANZ Research analysts said.
0111 GMT — Oil futures edge lower in early Asian trading. The market is digesting the impact of U.S. President Trump’s raft of new energy policies, ANZ research analysts say in a commentary.
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