Brent crude settles higher, records weekly loss of over 3%

08/03/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose further on Friday after Russian statements suggested that OPEC+ could reverse the output increase decision if there are market imbalances.

 

Brent crude futures for May delivery leapt by 1.3%, 90 cents, to $70.36 per barrel. 

 

Similarly, US crude futures for April delivery rose 1%, 68 cents, to $67.04 per barrel. Both contracts recorded weekly losses of 3.35% and 3.90%, respectively.

 

 In a post on the Truth Social platform, US President Donald Trump said, "I am strongly considering large scale banking sanctions, sanctions, and tariffs on Russia until a cease fire and final settlement agreement on peace is reached."

 

Meanwhile, Russia Deputy Prime Minister Alexander Novak said OPEC+ group agreed to start increasing oil production from April, but could reverse the decision afterward if there are market imbalances.

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