(Bloomberg) — Oil was on observe for the most important weekly decline since October as US President Donald Trump’s on-off tariffs in opposition to main buying and selling companions injected volatility and uncertainty into international markets.
West Texas Intermediate futures traded close to $66 a barrel, and are down 5% thus far for the week on considerations levies will dent demand. Brent closed under $70. Trump signed orders on Thursday paring again some tariffs on Mexico and Canada till April 2, simply days after they got here into impact.
Trump’s commerce insurance policies and retaliatory measures from focused nations together with China have rattled markets, with US crude heading for a seventh weekly drop, the longest run of declines since December 2023. A plan by OPEC+ to begin reviving idled output in April has added to bearish headwinds.
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