Oil set for weekly decline as Trump tariff threat looms large [Video]

Oil prices were steady on Friday but on course for a weekly decline as markets wait to see if U.S. President Donald Trump follows through on his threat to impose tariffs on Mexico and Canada this weekend.

Brent crude futures for March, which expires on Friday, gained 8 cents to $76.95 a barrel. U.S. West Texas Intermediate crude (WTI) was up 21 cents at $72.94.

For the week, the Brent and WTI benchmarks are set for declines of 2% and 2.3% respectively.

“Crude oil prices declined this week due to increasing fears surrounding Trump’s tariffs, which are expected to hinder global economic growth,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Investors are contemplating the likelihood of U.S. tariffs alongside a flurry of executive orders and policy announcements, ANZ Bank analyst Daniel Hynes said.

Trump has threatened to impose a 25% tariff as early as Saturday on Canadian and Mexican exports to the United States if those two countries do not end shipments …