Overview

• Oil prices are set for a third weekly gain, with Brent crude at $74.11 per barrel, reflecting a 2.5% rise this week.
• New U.S. tariffs on buyers of Venezuelan oil and sanctions on Iranian crude exports have created tighter global supply conditions.
• Venezuelan oil exports to China, its largest buyer, have stalled, while India's Reliance Industries is reportedly halting Venezuelan imports.
• U.S. crude inventories dropped by 3.3 million barrels, surpassing expectations and signaling stronger domestic demand.
• Analysts caution that sustained price increases are unlikely due to economic uncertainty from U.S. trade policies and fears of a global slowdown.