LONDON: Oil prices were little changed on Friday and heading for a weekly gain, as investors weighed the impact of further tariffs and sanctions by US President Donald Trump.
Brent crude futures were up 19 cents, or 0.26 percent, to $71.89 a barrel at 11:23 a.m. Saudi time. US West Texas Intermediate crude was up 20 cents, or 0.29 percent, to $69.46 a barrel.
Prices stabilized on Friday after losing more than 1 percent in the previous session. However, for the week Brent was on course for a 5 percent gain, and WTI around 6.6 percent.
Investors have focused on the potential impact of US tariffs on oil prices this week, as tariff rates on US trading partners are set to go into effect from August 1.
Trump signed an executive order on Thursday imposing tariffs ranging from 10 percent to 41 percent on US imports from dozens of countries and foreign territories including Canada, India and Taiwan that failed to reach trade deals by his August 1 deadline.
