Oil Set for Third Week of Decline on Trump Tariffs
Oil prices are headed for a third weekly decline as President Donald Trump’s tariffs on China and his push to boost domestic production weigh on the demand outlook.
West Texas Intermediate crude futures were steady near $71 a barrel, down nearly 3% this week, while Brent crude futures settled above $74. Trump this week imposed 10% import duties on China, with the world’s largest oil importer retaliating with more targeted actions of its own.
The trade war — and its potential to spread to other countries — has raised concerns about demand growth. Trump has also vowed to boost U.S. oil production, offsetting optimism about his administration’s first sanctions to curb the flow of Iranian oil by targeting entities and individuals in China, India, the United Arab Emirates and some ships.
Source: Bloomberg