Oil held near the lowest level in six months as President Donald Trump's sweeping tariffs opened up trade wars on multiple fronts, raising concerns about the outlook for energy demand.
West Texas Intermediate traded near $66 a barrel after losing more than 5% over the past four sessions. Brent closed below $70 on Wednesday.
Trump is delaying some levies on automakers and considering exemptions for certain agriculture products, but still moving forward with reciprocal tariffs on April 2.
Oil has tumbled by almost a fifth since mid-January as Trump's trade policies rattle global markets, with Canada and China responding with their own measures on US products. OPEC+ has also signaled plans to start reviving idled production in April, adding to the bearish headwinds.
Read More: Canada Won't Scrap Tariffs Unless All US Levies Are Lifted
Some market watchers are starting to rethink their price forecasts. Morgan Stanley trimmed its Brent estimates through the rest of the year, and expects the benchmark to trade in the $60s during the second half.
Source: Bloomberg
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...