Oil is headed for a third weekly gain as the market braces for more tariffs from the Trump administration set to take effect early next week.

West Texas Intermediate crude futures were steady below $70 a barrel, while Brent settled near $74 on Thursday. So-called reciprocal levies and duties on buyers of Venezuelan crude and gas are scheduled to take effect on April 2, the latest in a series of U.S. tariffs that have rattled global markets.

Oil has been trending higher since early March as investors weighed supply disruptions caused by President Donald Trump's sanctions and levies, with traders taking bullish options to protect themselves from price spikes. Venezuela has also increased crude exports to China to the highest level in nearly two years. (Newsmaker23)

Source: Bloomberg