Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout

Crude oil prices were headed for a steep weekly drop as of Friday morning, with a combination of tariff fears and OPEC+ production instilling a strong sense of bearishness in oil traders. At the time of writing, Brent crude was trading at $66.39 per barrel, with West Texas Intermediate at $63.79 per barrel, both down from Thursday’s close. Interestingly, prices fell despite President Trump’s decision to slap an additional tariff of 25% on all Indian imports as a punishment for India’s purchases of Russian crude. The additional…