WTI crude oil futures hovered around $73.2 per barrel on Tuesday after a sharp decline in the previous session, as traders remain focused on President Donald Trump's wide-ranging set of tariffs.
Trump said he'd impose tariffs on foreign-produced goods such as steel, aluminum, and copper in the near future, raising concerns over the potential ripple effects on global demand for commodities. Additionally, his Treasury Secretary, Scott Bessent, is reportedly backing gradual universal tariffs on U.S. imports starting at 2.5%.
On Monday, crude prices slipped 2% amid a broad risk-off trade led by a slump in technology stocks, as well as weak manufacturing data from top oil importer China.
While the migrant dispute between the U.S. and Colombia has been settled for now, Trump's tariff threats against China, Canada and Mexico, along with his calls for OPEC to lower prices and boost U.S. production, continue to weigh on market sentiment.
Source: Trading Economics
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