Oil prices drop as trade war concerns weigh on energy demand
Oil prices declined as concerns grew that the Trump administration's upcoming tariff measures could reduce global energy demand.
West Texas Intermediate slid below $70 a barrel, retreating along with equity markets, News.Az reports, citing Bloomberg.
Crude still was on pace for 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.
Oil 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.
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