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The oil market is set to suffer its steepest weekly loss since June due to tariffs that cloud the demand outlook

Investors expressed concerns about the impact of tariffs on the global economy, which went into effect on Thursday, on the oil prices.

Brent crude futures fell three cents at 0050 GMT to $66.40 per barrel, and are on course to fall more than 4% from week to week. U.S. West Texas Intermediate Crude Futures fell six cents or 0.1% to $63.82 per barrel. They are expected to drop more than 5% weekly.

The U.S. increased tariffs on a number of its trading partners. In a note, ANZ Bank analysts expressed concern that the tariffs would lead to a weaker economy, which could affect demand for crude oil.

The oil prices are already in a downward spiral after the OPEC+ group announced last weekend that it will fully unwind its biggest tranche of production cuts in September, several months before target.

WTI futures fell for six straight sessions at Thursday's closing, matching the longest losing streak since December 2023. If prices fall on Friday, this will be the longest losing streak since August 20,21.

The Kremlin confirmed on Thursday that Russian President Vladimir Putin will meet U.S. president Donald Trump within the next few days, raising hopes of a diplomatic resolution to the conflict in Ukraine.

The addition of U.S. duties against India due to its purchase of Russian crude oil has helped limit the drop in oil prices. StoneX analysts told clients that the move is unlikely to have a significant impact on the flow of Russian crude oil to other markets.

Trump said on Wednesday that China, which is the biggest buyer of Russian crude, may also be subject to tariffs, similar to those imposed against Indian imports. (Reporting and editing by Tom Hogue in New York, Shariq Khan is reporting from New York)

(source: Reuters)