Oil Set for Weekly Drop on Tariff Uncertainty and Supply Boost
Oil prices rose on Friday but were set for close to a 4% weekly decline as uncertainty surrounding U.S. tariff policies raised concern over demand growth while major producers prepared to increase output.
Brent crude futures rose 93 cents, or 1.34%, to $70.39 a barrel by 1017 GMT. U.S. West Texas Intermediate futures rose 88 cents, or 1.33%, to $67.24 a barrel.
However, for the week Brent is down 3.8%, set for its biggest weekly decline since the week of November 11. WTI is set to finish 3.7% down for its biggest weekly drop since the week of January 21.
U.S. President Donald Trump's administration is considering a plan to inspect Iranian oil tankers at sea, Reuters reported on Thursday, citing sources familiar with the matter, continuing efforts to drive down Iranian oil exports to zero.
Global markets have been whipsawed by fluctuating trade policy in the U.S., the world's biggest oil consumer.
On Thursday Trump suspended the 25% tariffs he had imposed on most goods from Canada and Mexico until April 2, though steel and aluminium tariffs would still take effect on March 12.
Source : Reuters
