Oil set for steepest weekly losses since June
Oil prices steadied on Friday and were poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin.
Brent crude futures were up 14 cents, or 0.2%, at $66.57 a barrel by 1316 GMT. U.S. West Texas Intermediate crude futures rose 4 cents, or 0.1%, to $63.92.
Brent was on track to be down 4.4% over the week while WTI was set to finish 4.9% lower than last Friday's close.
Higher U.S. tariffs on imports from a host of trade partners went into effect on Thursday, raising concern over economic activity and demand for crude oil, ANZ Bank analysts said in a note.
The latest tariffs arrive against a backdrop of an already weaker than expected U.S. labour market and Thursday's announcement by the Kremlin that Putin and Trump would meet in the coming days as trade tensions rise between the U.S. and Russia's oil customers.
Trump this week threatened to increase tariffs on India if it kept buying Russian oil, which the market viewed as putting further pressure on Russia to reach a deal with the U.S., said independent analyst Tina Teng.
Source: Reuters
