Oil drilling rigs
Oil prices rose slightly on Friday, but remain on track for their biggest weekly loss since October, amid tensions and uncertainty caused by US President Trump’s tariff decisions. 
Brent crude futures for May delivery increased by 0.2%, 14 cents, to $69.60 per barrel at 9:30 am KSA time, yet they are still heading for a 4.9% weekly loss, the largest since mid-October.
Similarly, US crude futures for April delivery edged up 0.18%, 12 cents, to $66.48 per barrel, though they remain down 5% for the week so far.
On Thursday, Trump signed orders to reduce tariffs on Mexico and Canada until April 2, just days after they took effect. However, tariffs on steel and aluminum will take effect on March 12 as planned.
The tariffs weigh on economic growth, which in turn impacts oil demand. Additionally, uncertainty surrounding trade policies influences business decisions, impacting the overall economy.
Oil drilling rigs
Oil prices rose slightly on Friday, but remain on track for their biggest weekly loss since October, amid tensions and uncertainty caused by US President Trump’s tariff decisions.
Brent crude futures for May delivery increased by 0.2%, 14 cents, to $69.60 per barrel at 9:30 am KSA time, yet they are still heading for a 4.9% weekly loss, the largest since mid-October.
Similarly, US crude futures for April delivery edged up 0.18%, 12 cents, to $66.48 per barrel, though they remain down 5% for the week so far.
On Thursday, Trump signed orders to reduce tariffs on Mexico and Canada until April 2, just days after they took effect. However, tariffs on steel and aluminum will take effect on March 12 as planned.
The tariffs weigh on economic growth, which in turn impacts oil demand. Additionally, uncertainty surrounding trade policies influences business decisions, impacting the overall economy.
