LONDON: Oil prices steadied on Friday and were poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between US President Donald Trump and Russian counterpart Vladimir Putin.
Brent crude futures were up 14 cents, or 0.2 percent, at $66.57 a barrel by 4:16 p.m. Saudi time. US West Texas Intermediate crude futures rose 4 cents, or 0.1 percent, to $63.92.
Brent was on track to be down 4.4 percent over the week while WTI was set to finish 4.9 percent lower than last Friday’s close.
Higher US tariffs on imports from a host of trade partners went into effect on Thursday, raising concern over economic activity and demand for crude oil, ANZ Bank analysts said in a note.
The latest tariffs arrive against a backdrop of an already weaker than expected US labor market and Thursday’s announcement by the Kremlin that Putin and Trump would meet in the coming days as trade tensions rise between the US and Russia’s oil customers.
