Oil prices remained virtually unchanged on Friday, but the week is expected to end with the largest price drop since October. This is happening against the backdrop of uncertainty surrounding U.S. tariff policy, raising concerns about demand growth, while major producers intend to increase output. This was reported by Reuters, as noted by UNN.
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According to information, Brent crude oil futures rose by 17 cents, or 0.24%, to $69.63 per barrel. U.S. West Texas Intermediate crude oil futures rose by 12 cents, or 0.18%, to $66.48 per barrel.
However, for the week, Brent crude oil fell by 4.9%, marking the largest weekly decline since October 14. The price of WTI crude oil is expected to fall by 4.8%, which will also be the largest weekly decline since that week.
Markets, including the oil market, have been affected by fluctuations in trade policy in the U.S., the world's largest oil consumer.
"It seems that financial markets have completely succumbed to panic, and they are not so easily calmed by Trump's month-long delays and exemptions from import tariffs," said Vandana Hari, founder of the analytical company Vanda Insights, which provides market analysis for oil.
"This leaves oil at four-month lows, although it is prone to further declines," she added.
"Risks for oil prices remain skewed to the downside, as new supplies from OPEC+ countries and non-OPEC countries are expected to lead to an oversupply in the market," stated a note from Fitch BMI's research division.
Brent crude oil prices fell to their lowest level since December 2021 on Wednesday after a rise in U.S. crude oil inventories and the decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to increase production quotas.
On Monday, the group announced that it had decided to continue the planned increase in production for April, adding 138,000 barrels per day to the market.