Oil prices remain largely unchanged today, Friday, but are on track to record their largest weekly decline since October. This downturn is attributed to uncertainty surrounding U.S. tariff policies, which have raised concerns about global demand just as major producers prepare to increase output.

As of 02:17 GMT, Brent crude futures rose by 13 cents, or 0.19%, reaching $69.59 per barrel. Meanwhile, West Texas Intermediate (WTI) crude futures increased by eight cents, or 0.08%, hitting $66.44 per barrel.

Despite these slight increases, Brent crude has fallen by 4.9% since the start of the week, positioning it for the largest weekly drop since October 14. Similarly, WTI crude is down 4.8% for the week, also marking its biggest decline since that time.

This situation underscores the market’s reaction to the evolving economic landscape, particularly influenced by U.S. trade policies and their potential impact on oil demand.