2025.03.2820:21:00UTC+00Oil Futures Settle Lower For The Day, But Gain 1.6% In Week

Oil prices fell on Friday, but the most active futures contract still posted a weekly gain amid prospects of tighter supplies following the U.S. sanctions on Iran and Venezuela, and a recent data showing a notable drop in crude inventories in the U.S.

Weak economic data raised concerns about growth and the outlook for energy demand.

A weak dollar helped limit the downside in oil prices.

West Texas Intermediate Crude oil futures for May settled at $69.36 a barrel, losing $0.56 or about 0.8%. WTI crude futures gained about 1.6% in the week.

Brent crude futures settled lower by 0.5% at $73.63 a barrel. Brent futures gained about 2% in the week.

U.S. President Donald Trump is likely to announce reciprocal tariffs on a slew of goods imported into the U.S., effective April 2.

Earlier this week, Trump announced 25% tariffs on buyers of Venezuelan crude, barely a few days after imposing sanctions targeting China's imports from Iran.

Consumer sentiment in the U.S. fell by more than previously estimated in the month of March, according to revised data released by the University of Michigan.

The University of Michigan said its consumer sentiment index for March was downwardly revised to 57.0 from a preliminary reading of 57.9. Economists had expected the index to be unrevised.