U.S. and global oil benchmarks finished on a mixed note Friday, with both booking their first weekly losses in three weeks amid signs of rising 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, +1.17% the U.S. benchmark, tacked on 86 cents, or 1.2%, to settle at $73.80 a barrel on the New York Mercantile Exchange, recouping part of Thursday’s 1.6% decline. Global benchmark September Brent crude LCOU8, -0.39% however, shed 28 cents, or 0.4%, to $77.11 a barrel on the ICE Futures Europe exchange.
For the week, WTI oil shed 0.5%, while Brent saw a weekly slide of 2.7%, according to FactSet data. The moves follow two consecutive weeks of gains for both contracts.
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 marked the first increase since the week ended June 1.
Contributing further to expectations of higher supplies, Baker Hughes BHGE, +1.26% on Friday reported that the number of active U.S. rigs drilling for oil rose by 5 to 863 this week. That climb followed two weeks of declines in a row.
Trump, meanwhile, in a series of tweets, has called for Saudi officials, which represent the most influential oil producer in OPEC, to help pump more crude and lower prices. OPEC and its allies, including Russia, had agreed