Crude oil prices rose early Friday, but remain on track for a third straight week of declines as U.S. President Donald Trump's tariff announcements and a potential trade war with China weigh on the market.
Brent crude gained 0.7% to US$74.81/barrel and West Texas Intermediate crude increased 0.7% to US$71.07/b at last look.
Oil prices found some support from the U.S. Treasury's announcement of new sanctions on a few individuals and tankers helping to ship Iranian crude to China, Reuters said in a Friday report.
"Oil prices saw some stability return this morning following a volatile session overnight, as traders react to news of U.S. sanctions on Iranian crude exports to China," Reuters quoted IG market strategist Yeap Jun Rong as saying
Traders were also wary about Trump's repeated pledge to raise U.S. oil production amid rising inventories, with the statement coming just one day after the U.S. Energy Information Administration reported a higher-than-expected jump in crude stocks, the report said.
Source : MT Newswires
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