WASHINGTON (dpa-AFX) - Oil prices rebounded on Friday but were on track for their biggest weekly decline since October on tariff-related worries and fears of oversupply in the market.
Benchmark Brent crude futures jumped 1.2 percent to $70.28 a barrel in European trade but were down nearly 4 percent for the week. WTI crude futures were up 1.2 percent at $67.17.
U.S. crude futures are heading for a seventh weekly drop, the longest run of declines since December 2023 due to fears of oversupply in the market.
A sharp decline in the U.S. dollar and geopolitical uncertainties helped lift oil prices today as investors grappled with an increasingly complex landscape.
The dollar index is set for a weekly decline of over 3 percent as U.S. President Donald Trump's on-off tariffs against major trading partners and retaliatory measures from targeted nations sparked fears of a potential U.S. recession.
Investors now await the all-important U.S. non-farms payroll report later in the day for further insights into the economy's health.
Meanwhile, Saudi Arabia is cutting oil prices for buyers in Asia, its largest market, after OPEC+ agreed this week to go ahead with plans to begin reviving halted oil production next month.
Elsewhere, the U.S. will not hesitate to go 'all in' on sanctions on Russian energy if it helps lead to a cease-fire in the Ukraine war, Treasury Secretary Scott Bessent told an audience at the Economic Club on New York Thursday.
The euro regained bullish momentum against the dollar after European Union leaders committed to a massive step in defense cooperation following decades of hesitation.
The 27 leaders signed off on a move to loosen budget restrictions so willing EU countries can increase military spending.
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