Baghdad: Oil prices decreased at the close of Friday’s session, marking a weekly loss as investors brace for the United States’ impending imposition of 25% customs duties on Mexico and Canada, anticipated to take effect today.

According to National Iraqi News Agency, Brent crude futures for March, which expired on Friday, dropped by 11 cents to settle at $76.76 per barrel. Meanwhile, US West Texas Intermediate crude saw a decline of 20 cents, or 0.3%, settling at $72.53 per barrel.

In terms of weekly performance, Brent suffered a 2.1% loss, whereas US crude experienced a 2.9% decline, marking the second consecutive week of downturn for oil prices.