Oil prices remained practically stable on Friday, but are preparing for the strongest weekly drop since October due to rising uncertainty caused by American trade policy, which has led to fears of a recession, as major producers prepare to increase output.
Futures for North Sea crude fell by 4.9% since the beginning of the week and are trading at $69.59 per barrel, indicating a direction towards the largest weekly drop since October 14, while prices for WTI crude futures rose by 0.08% to $66.44 per barrel, down 4.8% for the week, also preparing for a significant decline.
"At the end of the week, there were significant changes in crude oil prices, however, they are preparing for the most significant weekly drop since October due to the rising uncertainty caused by American trade policy on tariffs," note analysts.
