Oil Falls as Trump’s Trade War Stokes Concerns Demand May Drop
Oil fell on concerns that the Trump administration’s tariff onslaught will reduce energy demand.
West Texas Intermediate slid 0.8% to settle above $69 a barrel, retreating along with equity markets. Crude still notched its third straight weekly advance amid waning expectations of a near-term oversupply. The US is planning to impose tariffs on auto imports and so-called reciprocal levies next week, widening the global trade war.
il traders face an uncertain outlook as they grapple with President Donald Trump’s policies and an OPEC+ plan to revive idled output. WTI futures have been rangebound for the past eight months, trading in a band of about $15 between the high $60s and low $80s.
Earlier this week, Vitol’s chief executive officer said while there are some threats to supply, it’s generally adequate for the next couple of years. Meanwhile, Venezuela is boosting oil exports to China as the Trump administration deploys sanctions and secondary tariffs to squeeze the Latin American nation.
WTI for May delivery fell 0.8% to settle at $69.36 a barrel in New York.
Futures gained 1.6% for the week.
Brent for May settlement dipped 0.5% to settle at $73.63 a barrel.
Source: Bloomberg
