08:40 AM EST, 01/24/2025 (MT Newswires) -- Oil prices rose early on Friday, rebounding from five losing sessions, after Donald Trump roiled markets by urging Saudi Arabia to bring down oil prices and continued to threaten stiff tariffs on imports from Canada.

West Texas Intermediate crude oil for March delivery was last seen up US$0.47 to US$75.09 per barrel, while March Brent crude was US$0.52 higher to $78.81.

Oil has suffered through a tumultuous week as traders assess the possibility of a global trade war as Trump promises to impose tariffs on imports from U.S. allies, urged OPEC and U.S. producers to raise production to lower prices and said the U.S. does not need oil or other commodities from Canada, which supplies 20% of U.S. oil consumption.

"Crude oil prices are heading for their first weekly decline in five following a week that saw profit taking from funds amid the risk of a global trade war lowering growth and demand. In addition, Donald Trump has called for US producers to increase production while requesting OPEC to lower oil prices," Saxo Bank noted.

Still, fundamentals offer support to prices as tightened sanction cut Russian exports and cold weather boosts demand. As well, U.S. commercial oil inventories are at the lowest since March, 2022, the Energy Information Administration reported this week.