Oil prices fell over 1% on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns that a global trade war could hurt oil demand.
Brent futures fell 76 cents to $69.38 a barrel by 0532 GMT, while U.S. West Texas Intermediate crude futures were down 78 cents, or 0.5%, to $66.13. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21.
While the highly anticipated tariff announcement by Trump on Wednesday sank crude prices, the impact was more severe elsewhere. Investors scrambled to the safety of bonds, the Japanese yen and gold, as the news sent shockwaves through global financial markets.
The dollar index, which measures the U.S. currency against six other units, fell to 102.98, its lowest since mid-October.
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