Oil prices were little changed on Friday as concerns about the impact of tariffs on global fuel demand were balanced by the threat of a disruption in russian oil supplies.
This was reported by Economic Pravda, citing Reuters.
Brent crude futures rose 4 cents, or 0.06%, to USD 71.74 per barrel.
US West Texas Intermediate (WTI) crude rose 1 cent, or 0.01%, to USD 69.27.
Still, Brent is set to rise 4.9% for the week and WTI is set to rise 6.4% after US President Donald Trump earlier this week threatened to impose tariffs on buyers of russian oil, including China and India, to force russia to end its war in Ukraine.
But investors were more focused on Friday on new, mostly higher, tariffs that the U.S. will impose starting August 1.
Trump signed an executive order on Thursday imposing tariffs of 10% to 41% on imports from dozens of countries and foreign territories, including Canada, India and Taiwan, that failed to reach trade deals by his August 1 deadline.
Some analysts warn that the levies will limit economic growth by pushing up prices, which could weigh on oil consumption.
Signs emerged on Thursday that the tariffs are already pushing up prices in the United States, the world's largest economy and biggest oil consumer.
US inflation rose in June as prices for imported goods such as furniture and recreational products rose.
That supports the view that price pressures will build in the second half of the year, holding the Federal Reserve back from cutting interest rates until at least October.
Holding interest rates on hold will also weigh on oil, as high borrowing costs could limit economic growth.
At the same time, Trump's threats to impose 100% additional tariffs on buyers of russian oil have supported prices on fears that it will disrupt oil flows and reduce the amount of oil on the market.
JP Morgan analysts said in a note on Thursday that Trump's warning of possible sanctions against China and India for their continued purchases of russian oil puts at risk 2.75 million barrels of oil exported by russia by sea.
The two countries are the world's second and third largest oil consumers.
"The Trump administration, like its predecessors, will likely realize that it will be impossible to sanction the world's second largest oil exporter without a sharp increase in oil prices," the analysts said, referring to russia.
As Ukrainian News Agency earlier reported, oil prices rose on July 25 amid optimism about the progress of US trade talks with its partners.
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