Oil Prices Poised to End Three-Week Losing Streak

Amman – Oil prices rose in Asian trading on Friday, heading toward an end to a three-week losing streak amid increasing fuel demand and expectations that U.S. President Donald Trump’s global reverse tariffs will not take effect until April, allowing more time to avoid a trade war.

Brent crude futures climbed $0.23 (0.3%) to $75.25 per barrel, while West Texas Intermediate (WTI) crude futures gained $0.16 (0.2%) to $71.45 per barrel.

This week, Brent crude has risen 0.6%, while WTI crude has increased 0.5%.

Next month, tariffs on crude oil from Canada and Mexico, as well as steel tariffs, are set to take effect. However, the U.S. oil industry remains optimistic about securing exemptions from the Trump administration, according to the American Petroleum Institute.