Oil Prices Drop After Trump Delays Canada, Mexico Tariffs for a Month
Oil prices fell after President Donald Trump delayed the start of tariffs on his two biggest foreign crude suppliers for a month.
West Texas Intermediate crude fell to near $72 a barrel, erasing all of Monday’s gains, while Brent crude settled near $76. Trump delayed planned levies on Canada and Mexico after the two countries agreed to take tougher action to combat migration and drug trafficking.
Crude prices jumped as much as 3.7% on Monday, their biggest intraday gain in nearly four months, before paring those gains after the deal with Mexico was announced. Tariffs of 10% are still in place on China, but Trump said he would talk to Beijing about them.
Source: Bloomberg