Oil prices were little changed in early Asian hours on Friday, but were headed for their steepest weekly losses since late-June, as investors expressed concern over the impact to the global economy from tariffs that kicked into effect on Thursday.
Brent crude futures were down three cents to $66.40 a barrel at 0050 GMT, on track to decline more than 4% week-over-week.
U.S. West Texas Intermediate crude futures were down six cents, or 0.1%, to $63.82 a barrel, set to fall more than 5% on a weekly basis.
Higher U.S. tariffs against a host of trade partners went into effect on Thursday. The tariffs raised concerns of weaker economic activity, which would hit demand for crude oil, ANZ Bank analysts said in a note.
Oil prices were already reeling from the OPEC+ group’s decision last weekend to fully unwind its largest tranche of output cuts in September, months ahead of target.
At Thursday’s close, WTI futures had dropped for six consecutive sessions, matching a declining streak last recorded in December 2023. If prices settle lower on Friday, it will be the longest streak since August 2021.
