Crude oil prices dropped last week following the White House’s announcement of a 25% tariff on imports from Canada and Mexico, set to take effect on Saturday.
US West Texas Intermediate (WTI) crude fell to $75.84 per barrel, while Brent crude, the world’s benchmark for oil, fell to $76.81 per barrel. The weekly losses for both benchmarks were about 2%.
Meanwhile, gold prices surged past the $2,800 mark for the first time, driven by increased demand for safe-haven assets. Investors sought refuge in gold amid economic uncertainty caused by US tariff threats and concerns over global growth and inflation.
Looking ahead, Monday is the scheduled meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+). In order to balance global supply and demand, analysts anticipate that the group will continue to steadily increase oil production.
