Oil set for biggest weekly drop since October on tariff uncertainty, supply gains
Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around U.S. tariff policy is creating concerns about demand growth at the same time major producers are set to increase output.
Brent futures rose 13 cents, or 0.19%, to $69.59 a barrel by 0217 GMT. U.S. West Texas Intermediate crude futures rose 8 cents, or 0.08%, to $66.44 a barrel.
However, for the week Brent is down 4.9%, set for its biggest weekly decline since the week of October 14. WTI is set to drop 4.8%, also its biggest weekly fall since that week.
Markets, including oil, have been whipsawed by the fluctuating trade policy in the U.S., the world's biggest oil consumer.
On Thursday, U.S. President Donald Trump suspended the 25% tariffs he had imposed on most goods from Canada and Mexico until April 2, although steel and aluminium tariffs would still go into effect on March 12 as scheduled.
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