Oil prices saw mixed trading on Friday, but were on track to book a weekly loss for the first time in three weeks, a day after the U.S. benchmark contract suffered its lowest settlement in more than a week amid signs of rising domestic crude supplies.
Investors have contended with calls by President Donald Trump for the Organization of the Petroleum Exporting Countries to lower oil prices that have touched their highest levels of the year in the past few weeks, fueled by disruptions to supply and efforts by the oil cartel to reduce a glut of oil that punished prices in recent years.
August West Texas Intermediate crude CLQ8, +1.26% the U.S. benchmark, tacked on 60 cents, or 0.8%, to $73.54 a barrel on the New York Mercantile Exchange, rebounding after Thursday’s 1.6% decline. September Brent crude LCOU8, -0.40% the global benchmark, shed 32 cents, or 0.4%, to $77.07 a barrel on the ICE Futures Europe exchange.
For the week, WTI oil was set to shed 0.9%, while Brent was on track for a weekly slide of 2.8%, according to FactSet data. Both contracts had logged back-to-back weekly gains.
Data from the Energy Information Administration on Thursday showed that U.S. crude stockpiles rose by 1.2 million barrels for the week ended June 29. Analysts surveyed by S&P Global Platts had forecast a fall of 4.5 million barrels. The figures, which were released a day later than usual because of Wednesday’s Independence Day holiday, marked the first increase since the week ended June 1.
Declines in futures contracts appeared to ratchet higher Thursday afternoon after the Wall Street Journal raised doubts over the initial public offering of Saudi Arabia’s state oil company, known as Aramco. Analysts had said that the IPO was at least part of the reason that the