Oil price settles higher on Friday

Investing.com – Oil prices settled higher today, notching gains for the week.

Oil traders emboldened the fact that that some foreign oil producers are adhering to their promise to pull back on output.

On the New York Mercantile Exchange, the West Texas Intermediate Crude oil contract for January increased by $1, or 2%, settling at $51.90 a barrel. Prices rose approximately 0.8% for the week.

For February Brent oil, traders added $1.19, or 2.2%, to $55.21 a barrel on London’s ICE Futures exchange. Prices were approximately 1.7% higher for the whole week.

There are some worries in the market about production increases in the U.S. and Libya.

Prices had trended lower earlier in the day, amid news that Libya has restarted operations at two key oil fields.

President Obama mentioned Russian oil production briefly during his final White House press conference this afternoon, saying that the country had “no innovation” and nothing that anyone wanted to buy except “oil and some weapons.” But it may have been too late in the trading day to impact prices and opinions on Friday.

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