The Wall Street Journal reported a tumultuous day for oil markets on Friday.
Crude futures closed lower amid volatile trading.
The White House confirmed new tariffs on Mexico, Canada, and China starting Saturday.Investors worry about the impact on commodity prices from President Trumps tariff hike.
WTI crude for March delivery fell 0.27% to $72.53 per barrel on the New York Mercantile Exchange.Brent crude for April dropped 0.28% to $75.53 per barrel on the Intercontinental Exchange.
Weekly losses for WTI and Brent reached 2.85% and 2.42% respectively.
Monthly prices declined about 0.28%.Oil prices plunged early afternoon following a Reuters report.
Sources claimed tariffs on United States neighbors would start March 1st, with exemptions possible.
However, White House spokesperson Karoline Leavitt denied this, confirming Saturdays implementation.This news curbed some of oils losses.
Major Wall Street banks raised their oil price forecasts for the year.
Goldman Sachs, JPMorgan, and Morgan Stanley cited growing uncertainties about United States trade and energy policies.Oil Prices Down as US Tariffs Loom, Sparking Market Volatility.
(Photo Internet reproduction)A compiled survey showed higher predictions for both Brent and WTI crude.
Analysts now expect Brent crude to average $73.01 per barrel, up from $71.57 previously forecast.WTI crude is projected at $68.96, increased from $67.44.
First-quarter predictions for Brent and WTI stand at $75.33 and $71.22 per barrel respectively.President Trump is set to make a specific decision on Canadian and Mexican oil tariffs today.
This move could further influence market dynamics and investor sentiment in the coming weeks.The oil market remains on edge as geopolitical tensions and trade disputes continue to shape the global economic outlook.
Traders are closely watching for any signs of demand shifts or supply disruptions that could impact prices.