Oil headed for a third weekly decline as worries that President Donald Trump’s tariffs on China will sap demand outweighed the new US administration’s first round of sanctions against Iran.
Brent crude traded above $74 a barrel, and was down more than 3% this week, while West Texas Intermediate was below $71. Trump has slapped levies on all imports from China, with the world’s biggest oil importer countering with its own more restrained measures, which will come into force on Monday.