Oil prices settle higher, post losses for 3rd straight week

Oil drilling rigs

Oil prices rose on Friday as markets assessed the impact of new US sanctions on Iranian crude exports. However, oil recorded losses for the third consecutive week.

At settlement, Brent crude futures for April delivery rose 0.5%, or 37 cents, to $74.66 a barrel, but posted a weekly loss of 1.35%.

Similarly, US WTI crude futures for March delivery climbed by 0.55%, or 39 cents, to $71 per barrel, though they declined by 2.1% over the week.

The US Treasury Department announced Feb. 6 that it had imposed new sanctions on several individuals and tankers involved in shipping millions of barrels of Iranian crude to China annually.