WTI struggles near multi-week low, below $66.00 amid rising trade tensions

• WTI continues to be weighed down by worries that an all-out trade war will dent fuel demand.
• Oversupply concerns, amid the OPEC+ decision to advance output, also weigh on the black liquid.
• Rising Fed rate cut bets keep the USD depressed and offer some support to the commodity.

West Texas Intermediate (WTI) US Crude Oil prices trade with negative bias for the fourth straight day on Friday and slide back below the $66.00/barrel mark during the Asian session. The commodity languishes near its lowest level in over three weeks and remains on track to register heavy weekly losses.

US President Donald Trump's sweeping reciprocal tariffs announced late Wednesday raised concerns about a widening trade war, which could slow economic growth and dent fuel demand. Adding to this, eight OPEC+ members unexpectedly advanced their plan to phase out production cuts and raise combined crude oil output by 411,000 barrels per day in May. This, in turn, sparks oversupply concerns and turns out to be a key factor weighing on the black liquid.

Meanwhile, the US Dollar (USD) languishes near the lowest level since October touched on Thursday amid bets that a tariff-driven US economic slowdown might force the Federal Reserve (Fed) to resume its rate-cutting cycle soon. This is seen offering some support to USD-denominated commodities and holding back traders from placing aggressive bearish bets around Crude Oil prices. Investors now look forward to the US employment details for a fresh impetus.

The popularly known US Nonfarm Payrolls (NFP) report is expected to show that the US economy added 135K new jobs in March, though the Unemployment Rate is anticipated to hold steady at 4.1%. The crucial data will play a key role in influencing the USD price dynamics later during the North American session and produce short-term trading opportunities around Crude Oil prices. The market focus, however, will remain glued to trade-related headlines.