Oil Prices Fall Amid Tariffs, Ukraine War Developments

Oil prices closed the week lower as investors monitored economic uncertainties stemming from U.S. tariffs and developments in the Russia-Ukraine war.

Brent fell by 4.4% and WTI by 5.1%.

Brent crude futures closed at $66.59 a barrel, while U.S. West Texas Intermediate crude futures remained at $63.88.

Reports of a potential agreement between Washington and Moscow to end the war in Ukraine, according to Bloomberg News, caused a 1% drop in U.S. crude.

Trump threatened to raise tariffs on India if it continues to buy Russian oil, and a similar measure could be applied to China.

OPEC+ agreed to increase oil production by 547,000 barrels per day in September.

The number of oil drilling rigs in the U.S. increased by one to 411.

Analysts at FGE NexantECA reported that the bearish sentiment returned due to the easing of production by OPEC+ and President Trump's tariffs.

Source: ot.gr