Reported about 7 hours ago
Oil prices have shown a slight increase in early Asian trading but are on track for a third consecutive weekly decline due to renewed trade tensions initiated by U.S. President Donald Trump. Analysts indicate that fears surrounding potential tariff hikes and evolving trade wars are dampening oil demand. Brent crude futures saw a 3.2% weekly drop, marking the sharpest decline since September 2024, while U.S. West Texas Intermediate crude fell by 2.7%. This decline comes against a backdrop of increased U.S. crude inventories and Trump’s focus on boosting domestic oil production.
Source: YAHOO