Friday saw little movement in oil prices, which remained on track for a weekly increase as investors assessed the effects of further tariffs and restrictions imposed by US President Donald Trump. At 11:23 a.m. Saudi time, Brent crude futures were up 19 cents, or 0.26 percent, to $71.89 a barrel. At $69.46 a barrel, US West Texas Intermediate oil was down 20 cents, or 0.29 percent.
After dropping more than 1 percent during the previous session, prices leveled down on Friday. But for the week, WTI was up around 6.6 percent and Brent was on track for a 5 percent gain. As tariff rates on US trade partners are set to take effect on August 1, investors have focused on the potential impact of US tariffs on oil prices this week.
Trump issued an executive order on Thursday that imposes duties on US imports from dozens of nations and territories, including Canada, India, and Taiwan, that did not strike trade agreements by his deadline of August 1. The tariffs range from 10 percent to 41 percent.
The European Union, South Korea, Japan, and Britain are among the partners who have successfully negotiated trade agreements. With a few notable exceptions, we believe that the main factor driving the current bullishness in the oil price has been the settlement of trade agreements to the market’s satisfaction.
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