Market Overview: Oil Prices Experience Significant Fluctuations
On Friday, oil prices have shown notable volatility, marking a trend towards the largest weekly decline since October. This downturn is largely attributed to uncertainty surrounding U.S. customs duties policies, which are raising concerns about global economic growth as major oil producers gear up to increase output.
Current Price Movements
Brent crude futures saw a slight uptick of 13 cents, or 0.19%, reaching $69.59 per barrel. In parallel, U.S. West Texas Intermediate (WTI) crude futures rose by 8 cents, or 0.08%, to $66.44 per barrel.
Weekly Decline Analysis
Despite these recent gains, Brent crude has witnessed a substantial decline of 4.9% since the beginning of the week, heading towards its most significant weekly decrease since October 14. Similarly, West Texas Intermediate crude reflects a decrease of 4.8%, also marking its largest weekly drop during the same period.