Oil ends the week lower after weeks of gains

Oil prices closed slightly higher, but ended the week lower, putting an end to four consecutive weeks of gains, after US President Donald Trump announced major plans to boost domestic production and called on OPEC to take action to reduce crude prices.

Brent crude futures rose 21 cents, or 0.275%, to record $78.50 per barrel upon settlement. Over the course of the week, Brent lost 2.8%, while US crude fell 4.1%.

US West Texas Intermediate crude increased four cents, or 0.05%, to $74.66.