Crude Oil Eases, But Posts 3rd Weekly Gain
WTI crude oil futures experienced a 0.8% decline, closing at $69.4 per barrel on Friday. This decrease is attributed to fears that persistent trade tensions, especially those between the U.S. and major trading partners, could trigger a global recession. Nonetheless, oil prices achieved a third consecutive weekly increase, buoyed by U.S. sanctions on Venezuela and Iran. Data on U.S. crude inventories highlighted a 3.3 million barrel reduction, indicating steady demand. The tariffs imposed by President Trump on Venezuelan oil are likely to exacerbate the country's decreasing production levels, while sanctions on Iran and the pressure on Venezuela are constraining global supplies. The market is diligently observing these geopolitical uncertainties and their potential influence on oil prices.
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