Oil prices were little changed in early Asian trading on Friday, but are heading for their biggest weekly loss since late June, as investors expressed concern about the impact on the global economy of tariffs that came into effect on Thursday, UNN reports with reference to Reuters.
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Brent crude futures fell three cents to $66.40 a barrel by 00:50 GMT (08:00 Kyiv time), which could lead to a more than 4% decline for the week. US West Texas Intermediate crude futures fell six cents, or 0.1%, to $63.82 a barrel, which could lead to a more than 5% decline for the week.
On Thursday, higher US tariffs on a number of trading partners came into effect. According to ANZ Bank analysts, this tariff caused fears of a decline in economic activity, which could negatively affect oil demand.
Oil prices had already begun to fall after the OPEC+ group's decision last week to fully reverse the largest tranche of production cuts in September, several months ahead of schedule.
By the close of trading on Thursday, WTI crude futures had fallen for six consecutive trading sessions, matching a series of declines last seen in December 2023. If prices stabilize on Friday, it will be the longest streak since August 2021.
Moscow confirmed on Thursday that Kremlin chief Vladimir Putin will meet with US President Donald Trump in the coming days, raising expectations of a diplomatic end to the war in Ukraine.
Additional US tariffs on Indian purchases of Russian oil somewhat curbed the decline in oil prices. However, as StoneX analysts wrote to clients on Thursday, this measure is unlikely to significantly reduce the flow of Russian oil to foreign markets.
Trump also said that China, the largest buyer of Russian crude oil, could face tariffs similar to those imposed on Indian imports.
China sharply increased oil imports in July - despite a record decline in June07.08.25, 17:24