(Bloomberg) — Oil headed for a 3rd weekly advance because the market braced for extra tariffs from the Trump administration due early subsequent week.
West Texas Intermediate was regular beneath $70 a barrel, whereas Brent closed close to $74 on Thursday. So-called reciprocal levies and an obligation on patrons of crude and fuel from Venezuela are scheduled to take impact on April 2, the newest spherical in a sequence of US tariffs that’s rattled world markets.
Oil has trended larger since early March as buyers weigh the disruption to provide brought on by President Donald Trump’s sanctions and levies, with merchants snapping up bullish choices to hedge towards worth spikes. Venezuela has additionally ramped up crude exports to China to the very best in nearly two years.
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