Oil Prices Steady at $66.40 After Largest Weekly Decline Since October

Global oil markets showed signs of stabilization Friday morning, with WTI crude trading at $66.40 per barrel, according to market data from major exchanges.

Prices remained nearly flat after overnight trading fluctuated between $66.34 and $66.49. Brent crude similarly held steady at $69.60 per barrel. Both benchmark oils head toward their steepest weekly losses since October 2024. Brent has dropped 4.9% while WTI has fallen 4.8% this week.

The market earlier witnessed Brent plummeting to its lowest level since December 2021, with WTI touching its weakest point since May 2023. President Trump’s shifting trade policies drove much of this volatility.

He suspended most tariffs on Canadian and Mexican goods until April 2. Canadian energy products still face a 10% levy, creating uncertainty for North American oil flows.

OPEC+ surprised the market by confirming production increases of 138,000 barrels daily starting April 2025. Analysts expected a postponement given current economic risks. This decision pushed prices lower amid existing concerns about demand weakness.

Crude Oil Market Faces Pressure

U.S. crude inventories compounded bearish sentiment with a surge of 3.6 million barrels last week. This increase far exceeded analysts’ expectations of a 341,000-barrel rise, intensifying oversupply concerns in the market.

“Trump’s trade policies risk diminishing global energy demand and disrupting international oil flows,” stated Daniel Hynes from ANZ on Thursday. The situation worsens with each new inventory report showing unexpected builds.

Technical indicators continue pointing downward for crude oil. WTI now faces critical support at $66.00 and resistance at $68.00 per barrel. Brent trades below its 50-day moving average, traditionally signaling further weakness ahead.

Some analysts maintain optimism for recovery later this year. Forecasts suggest Brent could average $74.63 per barrel in 2025. Traders now focus on potential tariff clarifications, OPEC+ commentary, and upcoming inventory reports for direction.

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