Brent crude rises, posts second straight weekly loss

Oil drilling rigs

Oil prices rose on Friday but recorded their second consecutive weekly loss, as investors assessed market outlook and US monetary policy.

April Brent crude futures gained 0.34%, or $0.23, to settle at $67.75 a barrel, but were down 0.44% for the week.

March WTI crude futures edged up nearly 0.10%, or $0.05, to $62.89 a barrel, posting a weekly loss of 1%.

Oil’s positive performance in Friday’s session followed data showing US consumer inflation slowed more than expected in January, boosting expectations that the Federal Reserve may cut interest rates this year.

However, crude prices faced pressure after reports indicated that the OPEC+ alliance is moving toward resuming production increases starting in April, in preparation for higher summer demand.