Oil prices continued to decline in early Asian trading on Friday, marking one of the worst weeks in months due to U.S. President Donald Trump’s newly imposed tariffs. These tariffs have raised concerns about a potential global trade war that could negatively impact oil demand. Brent futures dropped by 31 cents, or 0.4%, to $69.83 a barrel, while U.S. West Texas Intermediate crude futures fell by 32 cents, or 0.5%, to $66.63. This decline represents the largest weekly percentage loss for Brent since October 14 and for WTI since January 21. Additionally, OPEC+ decided to increase oil output, planning to return 411,000 barrels per day to the market in May, up from the initially planned 135,000 bpd. Analysts at ING noted that this move could lead to a surplus in the oil market this year. Although oil and gas imports are exempt from Trump’s tariffs, the policies could still cause inflation, slow economic growth, and intensify trade disputes, affecting oil prices. — new from Reuters
