Oil extends gains, achieves weekly loss

Oil drilling rigs

Oil prices extended their gains at Friday’s volatile session, after data showed a slowdown in US drilling activity, as markets also assessed the risks of US restrictions on the movement of Venezuelan oil tankers.

Brent crude futures for February 2026 delivery rose about 1.1%, or $0.65, to $60.47 per barrel, but posted weekly losses of 1%.

Nymex crude futures increased 0.9%, or $0.51, to $56.66 per barrel, also recording a weekly decline of 1%.

In a report, Bank of America analysts said they expect lower oil prices to curb supply, which could limit the scope for a sharp downturn in prices in the coming period.

The number of active oil drilling rigs in the US fell by eight units to 406 during the week ended Dec. 19, data released by Baker Hughes on Friday showed.

Meanwhile, the US Treasury Department announced today the imposition of new Venezuela-related sanctions on seven individuals, while President Donald Trump said he does not rule out launching a war on the Latin American country as tensions escalate.