Oil ticks higher, records seven weekly fall

Oil drilling rigs

Oil rose on Friday as Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts just days after a fractious meeting of the producers' club.

Brent crude for February delivery increased 2.4%, or $1.79, to settle at $75.84 a barrel, recording a weekly loss of 3.85%. Accordingly, it continued its decline for the second straight week.

WTI contracts for January delivery also rose2.75%, or $1.89, to $71.23 a barrel, with a weekly loss of 3.85%. Hence, they extended their decline for the seventh straight week.

The U.S. Department of Energy on Friday said it wants to buy up to three million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, as it takes advantage of lower prices to start to replenish the stockpile.

The US drilling rig count fell two units to 503 in the week ended Dec. 8, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.