Oil Prices Inch Up but Head for Third Straight Weekly Loss Amid Trade War Jitters
Brent crude futures gained 15 cents to $74.44 a barrel, while US West Texas Intermediate (WTI) crude rose 9 cents to $71.70 a barrel. However, both benchmarks are facing potential declines of 3.2% and 2.7%, respectively, for the week.
This marks the first time in five months that oil prices have recorded three consecutive weeks of losses.
Analysts attributed the decline to trade war concerns, specifically US President Donald Trump's renewed tariffs on China. The move has raised fears of weakened oil demand due to potential disruptions in global trade.
Trump's announcement of a 10% tariff on Chinese imports has overshadowed his previous executive order to cut Iran's oil exports to zero.
Oil prices also faced downward pressure from rising US crude stockpiles. Since Trump's inauguration in January 2017, Brent crude has fallen over 8%, while WTI has declined by 7%.