WTI crude futures traded around $66 per barrel on Friday, heading for its worst week since October and the longest weekly losing streak since December 2023. Prices came under pressure from the potential fallout of global trade shifts.

While President Donald Trump eased some tariffs on Mexico and Canada until April 2, Canada's retaliatory tariffs remain, and China's measures take effect next week.

Adding to bearish sentiment, OPEC+ plans to revive output in April, coinciding with prospects of a restart of the Kirkuk-Ceyhan pipeline and increased production at Kazakhstan's Tengiz field, fueling oversupply concerns.

Furthermore, Russian President Vladimir Putin signaled interest in a Ukraine peace deal, raising the prospect of sanctions relief and higher Russian oil exports.

Source: Trading Economics