Oil prices steady as market considers latest US tariff changes
Oil prices were little changed on Tuesday as investors digested the latest headlines on U.S. President Donald Trump's on-again, off-again tariffs and tried to figure how much the U.S.-China trade war could reduce global economic growth and oil demand.
Brent crude futures fell 21 cents, or 0.3%, to settle at $64.67 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.3%, to settle at $61.33.
Vacillating U.S. trade policies have created uncertainty for global oil markets and prompted the Organization of the Petroleum Exporting Countries to lower its demand outlook on Monday.
The International Energy Agency followed on Tuesday with its projection that global oil demand in 2025 will grow at its slowest rate for five years due to worries about economic growth from Trump’s trade tariffs.
That tariff uncertainty caused several banks, including UBS, BNP Paribas and HSBC, to cut their crude price forecasts.
Source: Reuters