Oil prices fell, heading for their deepest weekly loss since late June, and are expected to fall by more than 4% this week due to concerns about the impact of tariffs on the global economy, which took effect on Thursday.
Brent crude futures for October delivery fell slightly by 0.1%, or 11 cents, to $66.32 a barrel at 8:04 a.m. Mecca time on Friday.
US Nymex crude futures for September delivery also fell by 0.25%, or 15 cents, to $63.73.
Higher US tariffs on several trading partners took effect on Thursday, and analysts at ANZ Bank said in a note that these tariffs raised concerns about weak economic activity, which could negatively impact demand for crude oil, according to Reuters.
Markets are awaiting the release of Baker Hughes' US oil and gas rig count data later today, to gauge US supply prospects
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