Oil eases to one-week low amid Trump tariff uncertainty
Oil prices eased to a fresh one-week low on Wednesday as the market considers how U.S. President Donald Trump's proposed tariffs could affect global economic growth and demand for energy.
Brent futures fell 29 cents, or 0.4%, to settle at $79.00 a barrel, while U.S. West Texas Intermediate crude (WTI) traded 39 cents, or 0.5%, lower to settle at $75.44.
That puts Brent down for a fifth day in a row for the first time since September and WTI down for a fourth day in a row for the first time since November. Both crude benchmarks closed at their lowest since Jan. 9 for a second day in a row.
The U.S. imported about 200,000 barrels per day (bpd) of oil from Venezuela during the first 10 months of 2024, up from an average of 100,000 bpd in 2023, according to the latest data from the U.S. Energy Information Administration (EIA).
Iran, another OPEC member under U.S. sanctions, delivered a conciliatory message to Western leaders in Davos on Wednesday, with a top official denying it wants nuclear weapons and offering talks about opportunities.
In other OPEC news, Saudi Arabia's crude oil exports in November jumped to their highest in eight months.
Source: Reuters
