WASHINGTON (dpa-AFX) - Oil prices rose slightly on Friday but headed for a weekly loss amid concerns over the impact of U.S. President Donald Trump's tariff policies on global growth and fuel demand.
Benchmark Brent crude futures edged up by 0.2 percent to $76.02 a barrel in European trade, while WTI crude futures were up 0.2 percent at $72.89.
Trump said on Thursday that he would go ahead with long-threatened import tariffs on goods from Canada and Mexico from February, with the flow of fentanyl and large trade deficits citied as among the reasons for the decision.
However, he is yet to decide on whether oil imports would be included in the policy, noting it depended on whether the two nations 'treat us properly' and 'if the oil is properly priced.'
Additionally, Trump has reiterated possible levies on China and threatened 100 percent tariffs on BRICS nations over dollar replacement moves.
Markets now look ahead to a ministerial meeting by the Organization of the Petroleum Exporting Countries and its allies, together called OPEC+, scheduled for Feb. 3.
The oil cartel is expected to go ahead with a plan to start returning 2.2 million bpd of voluntary production cuts with 122,000 bpd monthly increase from April 2025.
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