Crude Oil Eases, But Post 3rd Weekly Gain
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WTI crude oil futures dropped 0.8% to settle at $69.4 per barrel on Friday, due to concerns that the ongoing trade tensions, particularly between the U.S. and key trading partners, could spark a global recession.
Despite this, oil prices recorded their third consecutive weekly gain, supported by U.S. sanctions on Venezuela and Iran.
The U.S. crude inventory data revealed a 3.3 million barrel decline, signaling continued strong demand.
President Trump's tariffs on Venezuelan oil are expected to worsen the nation’s production decline, while sanctions on Iran and the pressure on Venezuela are tightening global supply.
The market is closely monitoring these geopolitical risks and their impact on oil prices.