Crude futures are headed for a weekly decline after US President Trump outlined plans to boost domestic production and said he would ask Saudi Arabia and OPEC to lower oil prices.
Brent crude and WTI rose 0.1% to $78.39 and $74.71 a barrel, respectively, in early trade, but were down more than 3% on the week.
In a speech to executives at the World Economic Forum in Davos, Trump urged OPEC to lower crude oil prices, implying the need for the cartel to increase production.
