Oil prices continued to slide after Commerce Secretary Howard Lutnick said the Trump administration could lift some tariffs on Mexico and Canada, adding to uncertainty in global markets.
West Texas Intermediate crude was trading near $68 a barrel after falling 3% over the past three sessions, while Brent was hovering around $71. Lutnick did not explicitly say what action President Donald Trump was considering but dismissed the idea that the levies would be lifted entirely. He made the remarks on Fox.
Crude prices have been falling since mid-January as Trump's trade policies raise the prospect of a multi-pronged trade war, which could hurt energy demand. Oil options traders are the most pessimistic in five months on concerns about the impact of U.S. tariffs and OPEC+'s plan to revive stalled production. (Newsmaker23)
Source: Bloomberg
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