Oil drilling rigs
Oil prices rose on Friday, but are heading for a second consecutive weekly loss after sharp fluctuations arising from the US trade war and fears of a global economic recession.
Brent crude futures for June delivery increased 1% to $63.98 per barrel at 9:13 Makkah time, after losing 3.3% or $2.15 on Thursday.
The West Texas Intermediate (WTI) crude futures for May delivery rose 1%, or 61 cents, to $60.68 per barrel.
Both benchmarks are down nearly 3% this week, following an 11% decline last week.
This comes amid fears of a global economic recession and weak oil demand due to the trade war by the US against countries worldwide.
Although US President Donald Trump halted tariffs on some countries this week, opting for a uniform tariff rate of 10%, he exempted China from the decision, further raising tariffs on its products to 145%.
This aggressive US approach against the world’s second-largest economy perpetuated global trade uncertainty, deteriorating investor sentiment in capital markets.
https://www.argaam.com/en/article/articledetail/id/1804131
