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Oil rose Friday but remained on track for the biggest weekly decline since late last year as US President Donald Trump’s on-off tariffs against major trading partners injected volatility and uncertainty into global markets.
Brent futures rose near US$70 a barrel on Friday, aided by a falling dollar making commodities priced in the currency more appealing, but are still down almost 4 percess this week.
Trump signed orders on Thursday paring back tariffs on Mexico and Canada covered by a trade pact until April 2, just days after they came into effect.
Trump’s trade policies and retaliatory measures from targeted nations including China have rattled markets, with US crude — which was near US$67 on Friday — heading for a seventh weekly drop, the longest run of declines since December 2023.
A plan by OPEC+ to start reviving idled output in April has added to bearish headwinds while fading premiums for Middle Eastern oil are pointing to fewer worries about geopolitical risks and sanctions.
“The market seems to regard the level around US$70 as a strong support,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management.
“That said, the oil market remains sensitive to news indicating weaker global growth and demand.”
The early April timing for the tariffs coincides with a date when the president is expected to start unveiling plans for so-called reciprocal duties on nations around the world. Canada says it won’t scrap its retaliatory measures if the US administration keeps any levies in place. — Bloomberg
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