💨 Abstract

Oil prices declined on Friday due to tariff-related demand concerns, but are poised for a third weekly gain due to tightening global supply. The US has increased pressure on Venezuelan and Iranian oil trade, leading to stalled oil trade with top buyer China and the potential loss of Venezuelan crude exports. Additionally, US tariffs have raised fears of a trade war and economic downturn, which could negatively impact oil demand.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖