Crude Oil prices fell last week after the White House announced that it would impose a 25% tariff on imports from Canada and Mexico, starting on Saturday.
Brent crude, the global benchmark for oil, dropped to $76.81 per barrel, while US West Texas Intermediate (WTI) crude declined to $75.84 per barrel. Both benchmarks recorded weekly losses of around 2%.
Meanwhile, gold prices surged past the $2,800 mark for the first time, driven by increased demand for safe-haven assets. Investors sought refuge in gold amid economic uncertainty caused by US tariff threats and concerns over global growth and inflation.
Looking ahead, the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) are set to meet on Monday. Analysts expect the group to maintain its current strategy of gradually increasing oil production to balance global supply and demand.
