Oil prices were little changed on Friday but headed for a weekly decline after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices.
Brent crude futures were down 9 cents at $78.20 a barrel by 0445 GMT on Friday, while U.S. West Texas Intermediate crude (WTI) dipped 9 cents to $74.53.
For the week, Brent was down 3.18% so far, while WTI shed 4.28%.
“Crude prices have been easing all through this week, as investors trimmed war premiums after the Gaza ceasefire while bracing for Trump’s energy policy change,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“For now, Trump is being unpredictable as predicted, setting oil prices up for headlines-oriented volatility ahead,” Sachdeva added.
Trump, during his speech on Thursday at the World Economic Forum in Davos, Switzerland, said he would demand that the Organization of the Petroleum Exporting Countries and its de facto leader, Saudi Arabia, bring down the cost of crude barrels.
