Trump urges Saudi Arabia and OPEC to bring down oil prices
Crude pressured by Trump moves to raise U.S. oil output
Tariffs could dent global demand growth
U.S. crude stocks fall by 1 million barrels

LONDON, Jan 24 Reuters Oil prices edged up on Friday but remained on track for a weekly decline after U.S. President Donald Trump announced sweeping plans to boost U.S. production and demanded that OPEC move to lower crude prices.

Brent crude futures gained 59 cents, or 0.8, to 78.88 a barrel by 1411 GMT while U.S. West Texas Intermediate crude WTI was up 49 cents, or 0.7, at 75.11.

Over the week Brent has lost 2.4 while WTI was down 3.7.

After a week of Trump being in office, the various executive orders are not being disruptive to oil supplies. Most of what he has done has been with an inward domestic focus, said Harry Tchilinguiran at Onyx Capital Group.

We were looking for pronouncements around tariffs, around Iran, Venezuela and Russia.

Ahead of Trump39;s inauguration the market had built up a net long position in oil futures to hedge against price gains arising from supply disruption, but this has now started to unwind, Tchilinguiran said.

Trump told the World Economic Forum on Thursday that he would demand that the Organization of the Petroleum Exporting Countries and its de facto leader, Saudi Arabia, bring down the crude prices.

He also said he would ask Riyadh to increase a U.S. investment package to 1 trillion, up from 600 billion reported earlier by…