Oil prices rose after falling more than 1% in the previous session, as traders digested the impact of new, higher US tariffs that could hamper economic activity and reduce global fuel demand growth.
Brent crude futures for September delivery rose 0.3%, or 20 cents, to $71.90 a barrel on Friday.
US WTI crude futures for September delivery also rose 0.25%, or 18 cents, to $69.44.
Brent prices are expected to rise 4.9% for the week, while US crude is expected to rise 6.4% after President Donald Trump threatened earlier this week to impose tariffs on buyers of Russian crude, particularly China and India, according to Reuters.
This comes after Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on US imports from dozens of countries, including Canada, India, and Taiwan, that have not reached trade agreements by his August 1 deadline.
Markets are awaiting the release of US oil and gas rig count data from Baker Hughes later today for insights into the US supply outlook.
Markets are awaiting the release of US oil and gas rig count data from Baker Hughes later today for insights into the US supply outlook
