BEIJING (Reuters) – Oil prices changed only a little on Friday, but it was appointed to the largest weekly decline since October, as uncertainty about the US customs tariff policy creates concerns about the growth growth at the same time, the main producers are scheduled to increase.
Brent Futures rose 13 cents, or 0.19 %, to $ 69.59 a barrel by 0217 GMT. Raw intermediate contracts in West Texas rose 8 cents, or 0.08 %, to $ 66.44 a barrel.
However, during the week, Brent decreased by 4.9 %, as it was determined to the largest weekly decrease since the 14th week of October. WTI is scheduled to decrease by 4.8 %, as well as the largest weekly decrease since that week.
Markets, including oil, have been skipped through a volatile trade policy in the United States, the largest oil consumer in the world.
On Thursday, US President Donald Trump suspended the 25 % definitions imposed on most of the commodities from Canada and Mexico until April 2, although steel and aluminum tariff will remain in effect on March 12.
The average arrangement does not cover the entire Canadian energy products, which are less than a 10 % separate tax.
The definitions themselves are a traction on economic growth and thus the growth of oil demand. But uncertainty about politics is to slow work decisions, which also affects the economy.
Brent prices fell on Wednesday to their lowest levels since December 2021 after crude stocks increased in the United States, and in the wake of the decision to organize oil -exporting countries and their allies, known as OPEC+, to increase production shares.
The group said on Monday that it decided to move forward in increasing the planned output in April, adding 138,000 barrels per day to the market.
Some of the declining momentum has exceeded prices as the United States is looking into steps to stop exports from Iran’s main product.
Reuters said on Thursday that Trump is considering a plan to inspect Iranian oil tankers at sea using an agreement aimed at weapons of mass destruction, according to the sources, part of the “maximum pressure” of the American president to push the export of Iranian oil to zero.
(Participated in the reports of Colin Hao; editing Christian Shamoulinger)
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