Oil drilling rigs
Oil prices recovered after falling over 1% on Thursday, as traders weighed the impact of the new US tariffs, which could hinder economic activity and dampen global fuel demand growth.
Brent crude futures for September delivery climbed 0.3%, or 20 cents, on Friday to $71.90 a barrel as of 8:04 am KSA time.
US West Texas Intermediate (WTI) crude futures for September delivery also rose by 0.25%, or 18 cents, to $69.44 per barrel.
Brent is expected to rise by 4.9% for the week, while WTI is projected to gain 6.4%, after President Donald Trump earlier this week threatened to impose tariffs on buyers of Russian crude—particularly China and India—according to Reuters.
This comes after Trump on July 31 signed an executive order imposing tariffs ranging from 10% to 41% on US imports from dozens of countries, including Canada, India, and Taiwan, which failed to reach trade agreements by the Aug. 1 deadline he had set.
Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes later today.
https://www.argaam.com/en/article/articledetail/id/1832403
