Oil prices end lower, record weekly loss

Oil drilling rigs

Oil prices settled lower on Friday, as investors assessed economic data indicating a decline in US crude demand and an increase in drilling activity for the first time in six weeks.

At settlement, Brent crude futures for April delivery fell 0.3% or $0.22 to $75.67 a barrel, posting a 2.4% weekly loss, though still up 1.95% since the start of the month.

Similarly, WTI crude futures for March delivery declined 0.25% or $0.20 to $72.53 a barrel, marking a 2.85% weekly drop, while rising 1.8% in January.

According to the US Energy Information Administration (EIA), oil demand—measured by crude and refined product deliveries—fell by 775,000 barrels per day (bpd) to 20.2 million bpd in November, the lowest level since April 2024.

Meanwhile, data from Baker Hughes showed that the US oil rig count rose by seven to 479 rigs in the week ending January 31, marking the first increase since Dec. 20.