Oil prices held steady on Friday but were set for their biggest weekly drop since October, as uncertainty over United States tariff policies raised concerns about demand growth, while major producers prepared to increase output.
Brent futures edged up 13 cents (0.19%) to $69.59 a barrel, while U.S. West Texas Intermediate crude rose 8 cents (0.08%) to $66.44 a barrel.
For the week, Brent is down 4.9%, marking its biggest weekly drop since October 14, while WTI is set to fall 4.8%, its largest decline since the same period.
Oil markets have been volatile due to shifting U.S. trade policies, affecting demand in the world’s largest oil-consuming nation.
On Thursday, U.S. President Donald Trump suspended the 25% tariffs on most goods from Canada and Mexico until April 2, while steel and aluminum tariffs will take effect on March 12 as planned.
Brent prices hit their lowest level since December 2021 on Wednesday after a rise in U.S. crude inventories and OPEC+’s decision to increase output quotas.
OPEC+ announced on Monday that it will proceed with its planned April output increase, adding 138,000 barrels per day to the market.
Meanwhile, some downward pressure on prices eased as the U.S. considers steps to block exports from key OPEC producer Iran.
