Oil prices rise, record weekly losses

Oil drilling rigs

Oil prices ended a four-week winning streak following US President Donald Trump’s call to lower energy prices and boost US production, amid economic data showing a slowdown in economic activity in the US.

Brent crude futures for March delivery rose 0.25%, or $0.21, to $78.5 per barrel.

The US West Texas Intermediate (WTI) crude futures for March delivery were unchanged at $74.66 per barrel.

Both contracts recorded weekly losses of 2.85% and 3.55%, respectively.

S&P Composite PMI index fell this month, recording a nine-month low. Meanwhile, consumer confidence declined in January for the first time in six months, with expectations of higher inflation in the short and long term.