Oil prices experienced a weekly decline exceeding 2%, pressured by oversupply concerns and escalating U.S.-China tariff tensions. Brent crude remained rangebound between $66 and $67.5 per barrel, settling at $66.87, up 32 cents or 0.48% on Friday, but down $1.09 or 2% for the week ending April 25. West Texas Intermediate (WTI) crude settled at $63.02 per barrel on Friday, marking a 23-cent increase (0.37%) for the day but a $1.66 (3%) decrease over the week. The market showed signs of fatigue with the Trump administration's trade strategy as hopes for tariff negotiations diminished. Oilfield service provider SLB cautioned about reduced spending by oil producers due to tariff impacts. Money managers increased their net long positions in Brent crude futures and options by 29,432 contracts to 128,383 and in WTI by 36,132 contracts to 147,331 for the week ending April 22, with long-only positions rising and short-only positions falling in both benchmarks. The backwardation in WTI futures increased for the third consecutive week through May 2026, indicating expectations of tighter markets despite the current price decline. Conversely, Brent backwardation decreased, with its 12-month and 6-month spreads narrowing, suggesting somewhat lower price pressure ahead. U.S. natural gas futures also declined sharply, falling 9% to $2.94 per million British thermal units for the week ending April 25, with net long positions decreasing by 31 billion cubic feet for the week ending April 18. Geopolitical tensions, including U.S.-Iran nuclear talks and conflicts involving India-Pakistan and Crimea, contributed to market caution. The Baker Hughes rig count showed a slight increase of two oil rigs, reflecting modest changes in production activity.