Tariffs is friction and higher costs at start. Then bearish on GDP, demand and prices

Down 2.

2% last week and unchanged this morning. Brent crude fell 2.

2% last week with a close on Friday of USD 76.

76/b.

The March contract rolled off on Friday.

The April contract is now the front-month contract.

The April contract is up 1.

3% versus Friday, but this is solely due to the backwardation effect and rolling.