Oil prices extended their losses on Friday, hitting their lowest in more than three years. Concerns about falling demand amid a full-scale trade war have increased after China imposed tariffs on US goods.
With the settlement in place, Brent crude oil futures for June delivery fell 6.5%, or $4.56, to $65.58 a barrel, after falling about 9.85% this week, ending a three-week winning streak and the biggest weekly loss in a year and a half.
Meanwhile, US NYMEX crude oil futures for May delivery fell 7.4%, or $4.96, to $61.99 a barrel, ending a three-week winning streak. This week, the contract fell about 10.65%, its deepest weekly loss in two years.
China imposed an additional 34% tariff on all US goods starting April 10, as countries around the world prepared to retaliate after Trump increased tariffs for more than a century.
Reuters reported that Goldman Sachs analysts cut their December 2025 price targets for Brent and Nymex crude by $5 to $66 and $62, respectively.
HSBC cut its 2025 global oil demand growth forecast to 0.9 million barrels per day from 1 million barrels per day, citing the tariffs and the OPEC+ alliance’s decision to proceed with plans to increase production.