Oil Drops As Tariff Uncertainty, OPEC+ Hike Worsen Outlook
Oil prices continued to slide after U.S. Commerce Secretary Howard Lutnick said the Trump administration could lift some tariffs on Mexico and Canada, adding to uncertainty in global markets.
West Texas Intermediate fell below $67 a barrel after falling 3% over the past three sessions, while Brent neared $70. Lutnick said in a Bloomberg Television interview that the president may consider tariff relief, with a decision expected this afternoon.
Trump’s trade moves threaten to alter global oil flows, depending on their final composition and duration. Mexican crude could be diverted to regions such as Asia, Latin American crude that is exempt from tariffs could be shipped to the U.S. in greater quantities, and U.S. East Coast fuel buyers would need to turn to Europe. (Newsmaker23)
Source: Bloomberg
