Oil fluctuated as investors reacted to rapid-fire moves on trade by the Trump administration, with the US threatening, and then holding off, a broad package of curbs against Colombia.
Brent dropped below $78 a barrel, but pared a deeper intraday loss, while West Texas Intermediate was near $74. Following a dispute over migrants, President Donald Trump first ordered tariffs against Bogota, before the White House paused the actions as Colombia agreed to all Trump's conditions. The US dollar, meanwhile, pushed higher, weighing on most commodities.
Crude remains higher this year, after an earlier round of sanctions from the US on Russian oil and energy lifted physical prices, spurring some refiners in Asia to look for alternative supplies. Traders are now adjusting to a shifting mosaic of potential US actions against trade partners as Trump starts his second term.
Aside from Colombia, the US president has threatened action against China, Canada, Mexico and the European Union, while also urging OPEC to help lower prices. He's argued that oil's decline could starve Russia of revenue and put a halt to Vladimir Putin's war in Ukraine.
"Trump's actions matter to markets as it shows he is clearly credible on the use of aggressive tariffs," said Chris Weston, head of research for Pepperstone Group. There are "increased tailwinds" for Trump's pursuits of lower oil prices as trade curbs enter into greater focus, he said.
Colombia — which at one point ordered retaliatory sanctions — is the US's fourth-biggest source of overseas oil, topping countries like Brazil, according to the Energy Information Administration. The latest data showed Colombia shipping more than 215,000 barrels a day to US ports.
Brent for March settlement fell 0.7% to $77.93 a barrel at 1:14 p.m. in Singapore.
Earlier, Brent lost as much as 1.2%.
WTI for March delivery shed 0.8% to $74.06 a barrel.
Source : Bloomberg
Oil prices plummeted on Tuesday (July 23) for the third straight session, as hopes for a trade deal between the U.S. and Europe faded, fueling concerns of an economic slowdown in the world's largest o...
Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by ...
Oil prices fell sharply on Tuesday morning as concerns about a trade war between the United States and the European Union resurfaced, fueling fears of a decline in fuel demand. These tensions weighed ...
Oil was little changed after two modest declines as talks between the US and its trading partners gain urgency ahead of next week's deadline. West Texas Intermediate traded near $67 a barrel after cl...
Oil prices weakened slightly on Monday as the latest European sanctions on Russian oil are expected to have a minimal impact on supply, but losses were offset by investors weighing the potential for a...
Oil prices plummeted on Tuesday (July 23) for the third straight session, as hopes for a trade deal between the U.S. and Europe faded, fueling concerns of an economic slowdown in the world's largest oil market. Brent crude futures fell 82 cents,...
Gold rose to a five-week high on Tuesday (July 22), boosted by trade uncertainty and weakening U.S. bond yields as investors continued to monitor U.S. President Donald Trump's tariff deadline on August 1. Spot gold rose 1% to $3,428.84 an ounce at...
European stocks closed lower for a third session amid persistent concerns about US tariffs. The Eurozone STOXX 50 index fell 1% to 5,288, and the pan-European STOXX 600 index fell 0.5% to 544. US Treasury Secretary Bessent noted that White House...
Asia-Pacific markets traded mixed Monday, as investors keep a close watch on the People's Bank of China's decision on its 1-year and 5-year loan...
European stocks opened the week on a cautious note, with both the STOXX 50 and STOXX 600 hovering near the flatline as investors closely monitor...
A 19% U.S. tariff on Indonesian exports could take effect earlier than the previously expected August 1 deadline, Indonesia's chief economic...
The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on...