Latest News

The oil price has recovered slightly, but US tariffs and OPEC's downgrade are still weighing.

Early Friday, oil prices were stable after a 2% decline in the previous session. This was due to President Donald Trump's tariffs that are expected to harm economic growth and a reduction in OPEC demand estimates.

Brent crude futures increased 19 cents or 0.28% to $68.83 per barrel at 0037 GMT. U.S. West Texas Intermediate Crude ticked up by 26 cents, or 0.39% to $66.83 per barrel.

In its World Oil Outlook 2025, published on Thursday by the Organization of Petroleum Exporting Countries (OPEC), the organization cut its predictions for the global oil demand from 2026-2029 due to the slowing Chinese market.

OPEC has forecast that global demand will average 106.3 millions barrels per day in 2026. This is down from the 108 million bpd predicted in the last year's projection.

U.S. president Donald Trump announced on Thursday a tariff rate of 35% for goods imported to the United States from Canada starting August 1. He also said that the United States would impose blanket duties of 15% or 20 percent on most other trading partners.

In the morning, Trump had threatened to impose punitive duties on Brazil, Latin America’s largest economy. He also announced plans for duties on semiconductors, copper and pharmaceuticals.

According to EU diplomatic sources, the European Union will propose a floating Russian crude oil price cap as part of a new package of sanctions this week. The current cap has become irrelevant due to a drop in oil prices, said these sources.

(source: Reuters)