Oil Ends the Week Barely Holding On
Oil ended a tough week with notable losses, impacted by the escalating trade war between the United States and China, which cast a shadow over global energy markets.
In Friday’s session, oil prices rose by more than a dollar, with Brent crude futures climbing $1.43, or 2.26%, to close at $64.76 per barrel, while West Texas Intermediate (WTI) futures increased by $1.43, or 2.38%, to settle at $61.50.
Despite these gains, both crude benchmarks recorded weekly losses of approximately 1.2% and 0.8%, respectively.
Trade tensions intensified after China decided to raise tariffs on U.S. goods to 125% in retaliation to the U.S. raising tariffs to 145%. This escalation sparked concerns about a slowdown in global economic growth, which negatively impacted oil demand.
On the other hand, data from the U.S. Energy Information Administration (EIA) showed a decline in oil demand forecasts, with global demand growth revised down to 0.9 million barrels per day, lower than the previous estimate.
Amid these developments, the oil market remains in a state of caution, with investors closely monitoring any signals that could affect price stability and the continuation of trade tensions between the world’s two largest economies.
