Oil prices settle lower; posts weekly, monthly losses

Oil drilling rigs

Oil prices declined on Friday, recording monthly losses as investors worried about US President Donald Trump escalating the trade war by imposing high tariffs on American imports.

At settlement, benchmark Brent crude futures for April delivery — expiring today — fell by 1.15% or 86 cents to $73.18 a barrel, marking weekly and monthly losses of 1.7% and 3.3%, respectively.

Similarly, US WTI crude futures for April delivery eased 0.85% or 59 cents to $69.76 a barrel, recording weekly and monthly losses of 0.9% and 3.1%, respectively.

The Atlanta Federal Reserve forecasts that US GDP will contract by 1.5% year-over-year in the first quarter, which could be the first quarterly contraction in the economy since Q1 2022.

Meanwhile, data from Baker Hughes showed that the number of active oil rigs in the US declined by two rigs, reaching 486 rigs in the week ended Feb. 28.