Mubasher: Oil prices rose by the end of Friday’s trade, shrugging off earlier decline on negative comments by the US President that were directed at the Organization of the Petroleum Exporting Countries (OPEC).

Nymex futures rose 0.1% to $68.38 per barrel, achieving weekly gains of 1.5%, while Brent crude increased by 0.3% to 73.99 a barrel.

“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!” Donald Trump tweeted earlier today.

Commitment to the OPEC-led output cut agreement rose to its highest level ever, supporting crude oil gains, despite an increase in US oil rigs to its highest level in three years, as shown by the data of Baker Hughes on Friday.