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 17 cents, or 0.24%, to $69.63 a barrel by 0315 GMT. U.S. West Texas Intermediate futures rose 12 cents, or 0.18%, to $66.48 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 fluctuating trade policy in the U.S., the world’s biggest oil consumer.
“It looks like the financial markets are in full panic mode, no longer easily pacified by Trump’s one-month postponements and exemptions on import tariffs,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
“That leaves crude stuck around four-month lows, albeit vulnerable to further slides,” she added.
