WASHINGTON (dpa-AFX) - Oil prices inched up on Friday but were on track for hefty weekly losses as new U.S. trade tariffs pose significant risks to global growth and fuel demand.
Benchmark Brent crude futures rose 0.4 percent to $66.68 a barrel in European trade while U.S. West Texas Intermediate crude futures were up 0.3 percent at $64.10.
Both benchmarks were on track for weekly losses of between 4 percent and 5 percent, marking their steepest weekly losses since late-June, as the Trump administration's higher tariff rates on trading partners took effect from midnight and Moscow confirmed Russian President Vladimir Putin and U.S. President Donald Trump are preparing to meet in the coming days, raising hopes of a ceasefire in the Ukraine war.
Trump said in a post on Truth Social that billions of dollars would soon start flowing into the United States, unless blocked by what he called a 'radical left court' determined to see America fail.
Investors also fretted about too much oil supply in the market after OPEC+ member nations agreed on Sunday to raise oil production by 5,47,000 barrels per day for September, fully unwinding the largest tranche of output cuts, months ahead of target.
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