Oil prices set to drop for a second week over US-China trade war
Oil prices were stable on Friday but on track for their second weekly loss in a row against a backdrop of investor concern over the burgeoning trade war between the United States and China.
Brent crude futures were down 3 cents, or 0.05%, at $63.30 a barrel by 0827 GMT while U.S. West Texas Intermediate crude futures were up 2 cents, or 0.03%, at $60.09.
Brent and WTI are poised to register weekly declines of 3.5% and 3% respectively, having both lost about 11% last week. Brent dipped below $60 a barrel at one point this week for its lowest since February 2021.
China announced on Friday that it will impose a 125% tariff on U.S. goods from Saturday, up from the previously announced 84%, after U.S. President Donald Trump raised tariffs against China to 145% on Thursday.
Trump this week paused heavy tariffs against dozens of trading partners, but a prolonged dispute between the world's two biggest economies is likely to reduce global trade volumes and disrupt trading routes, weighing on global economic growth and reducing demand for oil.
Source: Reuters