Oil drilling rigs
Oil prices fell on Friday, heading for a weekly loss amid concerns about a potential global economic recession driven by US protectionist policies. 
Brent crude futures for June delivery declined 0.84%, or 59 cents, to $69.55 a barrel as of 9:16 am KSA time. Brent crude is on track for a weekly loss of about 5.5%, the steepest since mid-October.
US WTI crude futures for May delivery fell 0.90% to $66.35 a barrel, marking a weekly drop of over 4.3%.
US President Donald Trump imposed reciprocal tariffs of at least 10% on all countries, claiming the move was to restore America’s economic independence and prevent other countries from exploiting it.
This action sparked fears of a global recession, rising inflation, and disruption to the efforts of major central banks to ease borrowing costs.
Goldman Sachs also lowered its oil price forecasts for 2025, citing both these economic risks and the potential oversupply from the OPEC+ alliance. It expects Brent crude prices to average $69 a barrel, and WTI crude to average $66 per barrel this year.
Oil drilling rigs
Oil prices fell on Friday, heading for a weekly loss amid concerns about a potential global economic recession driven by US protectionist policies.
Brent crude futures for June delivery declined 0.84%, or 59 cents, to $69.55 a barrel as of 9:16 am KSA time. Brent crude is on track for a weekly loss of about 5.5%, the steepest since mid-October.
US WTI crude futures for May delivery fell 0.90% to $66.35 a barrel, marking a weekly drop of over 4.3%.
US President Donald Trump imposed reciprocal tariffs of at least 10% on all countries, claiming the move was to restore America’s economic independence and prevent other countries from exploiting it.
This action sparked fears of a global recession, rising inflation, and disruption to the efforts of major central banks to ease borrowing costs.
Goldman Sachs also lowered its oil price forecasts for 2025, citing both these economic risks and the potential oversupply from the OPEC+ alliance. It expects Brent crude prices to average $69 a barrel, and WTI crude to average $66 per barrel this year.
