Oil prices drop, poised for first monthly loss since November

Oil drilling rigs

Oil prices fell on Friday, heading for their first monthly loss since November amid President Donald Trump’s escalating tariff threats against trade partners.

Brent crude futures for May delivery dropped 0.57%, or $0.42, to $73.15 a barrel, at 8:54 am Makkah time.

Brent crude futures for April delivery lost 0.65%, or $0.48, to $73.56 per barrel.

US West Texas Intermediate (WTI) crude futures for April delivery fell 0.58%, or $0.41, to $69.93.

Both contracts are set to record their first monthly losses in three months, as uncertainty over global economic growth and fuel demand outweighs supply concerns.

A long list of factors including economic slowdown fears in the US, tariffs, OPEC+ plans to increase supply in April and hopes of peace in Ukraine are curbing investors' risk appetite and depressing prices, Reuters reported, citing IG market analyst Tony Sycamore.