Oil prices rise, record slight weekly gains

Oil prices rose on Friday on significant economic data amid anticipation of demand and crude supply.

Investors in the oil market disregarded the US inflation that hit a higher-than-expected level in January, which signals the continued tightening of monetary policy by the Federal Reserve.

Russia plans to cut oil exports by up to 25% in March versus February after it already announced its intention to cut production by 5% in early March, Reuters reported.

The US drilling rig count fell seven units to 600 in the week ended Feb. 24, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent futures for April delivery traded 1.5% or $0.95 higher at $83.16 a barrel, with weekly gains of 0.2%.

West Texas Intermediate (WTI) crude for April delivery rose 1.2%, or $0.93, to reach $76.32 a barrel, but recording slight weekly losses of $0.02.