WASHINGTON (dpa-AFX) - Crude oil prices rose Friday, supported by a weaker U.S. dollar and a modest increase in the number of U.S. oil rigs in operation. However, prices fell this week amid speculation OP would increase production.
The U.S. rig count inched higher by one to a total of 800, the most in three years.
It was the fifth week in a row that the U.S. rig count crept up.
There was little reaction as President Donald Trump told metals industry executives that he would sign an order formally imposing the new sanctions next week.
'Sometime next week we'll be signing it in,' Trump said. 'And you're going to have protection for the first time in a long time.'
Trump indicated that he plans to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.
Crude oil futures rose 26 cents, settling at $61.25 a barrel, but posted the first weekly loss in three weeks.
Copyright RTT News/dpa-AFX