Oil prices fell on Thursday after a sharp rise the day before as the market weighed the economic risks from Trump's trade war.
Ekonomichna Pravda reported this with reference to Reuters.
Brent crude futures fell 5 cents to USD 70.9 per barrel.
US West Texas Intermediate (WTI) crude futures lost 10 cents to USD 67.58 per barrel.
Both benchmarks rose about 2% on Wednesday after the US government released data on lower-than-expected crude and petroleum product inventories.
“Declining U.S. gasoline inventories raised expectations for a seasonal demand increase in spring, but concerns about the global economic impact of tariff wars weighed on the market,” said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.
“With strong and weak factors progressing simultaneously, it has become difficult for the market to lean decisively in one direction or the other,” he added.
On Wednesday, Donald Trump threatened to escalate the global trade war by announcing new tariffs on goods from the European Union.
In response, major U.S. trading partners said they would take countermeasures.
Trump’s focus on tariffs has unsettled investors, consumers and businesses, fueling fears of a U.S. recession.
As Ukrainian News Agency reported, oil prices rose on March 6 after falling sharply to multi-year lows, but uncertainty over tariffs and the outlook for supply growth limited gains.
In early March, oil prices continued to fall after reports that OPEC+ would continue its planned production increases, while markets braced for the impact of U.S. tariffs on Canada, Mexico and China.
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