Oil prices held steady on Friday, remaining on course for their steepest weekly decline since October as uncertainty over United States tariff policies dampened demand outlooks, while rising global supply added further pressure.
By 3:05 pm AEDT (4:05 am GMT) Brent crude futures edged up $0.06 or 0.1% to US$69.52 per barrel, while West Texas Intermediate (WTI) crude was flat at $66.36.
Despite the slight gains, Brent crude was set for a 4.5% weekly decline, while WTI was down 4.9%, marking their worst weekly performance since mid-October.
ANZ analysts also commented in a note to clients: "Sentiment in Asian trading wasn’t helped by reports that China’s top economic planner is pushing oil refiners to reduce fuel output and increase production of chemicals."
On Thursday, U.S. President Donald Trump announced a temporary suspension of 25% tariffs on most Canadian and Mexican goods until April 2, while steel and aluminium tariffs remain scheduled for 12 March.
Canadian energy exports also remain subject to a separate 10% levy.
Adding to the downward pressure, oil prices have also been affected by rising inventories and supply increases from OPEC+.
On Monday, the oil cartel confirmed its plans to increase April output by 138,000 barrels per day, introducing additional supply into a market already facing demand concerns.
Despite the downward momentum, oil prices found some support as the U.S. signalled tougher restrictions on Iranian oil exports.
