Monday, 21 July 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Oil prices slide to 4-yr low as Trump tariffs ramp up demand fears
Monday, 7 April 2025 10:21 WIB | OIL |brent oil

Oil prices fell sharply in Asian trade on Monday, extending recent declines after U.S. President Donald Trump largely doubled-down on his recent trade tariffs, ramping up concerns over slowing economic growth and weakening demand.

China- the world's biggest oil importer- retaliated against Trump's tariffs over the weekend, while other majors such as the European Union outlined plans for retaliation, driving up concerns over a global trade war.

This notion had battered oil prices through the last week, as traders feared worsening economic growth, which could in turn dent global oil demand.

Brent oil futures fell 2.5% to $63.93 a barrel- their weakest level since April 2021, while West Texas Intermediate crude futures fell 2.4% to $60.16 a barrel by 21:31 ET (01:31 GMT).

Trump doubles down on tariffs, no deals until trade deficit fixed
Trump told reporters on Sunday evening that markets will have to treat the tariffs as "medicine," and that he had no plans to back off on his tariff plans.

Trump's recently unveiled round of reciprocal tariffs- which outline duties as high as 54% against China- are set to take effect from April 9.

The U.S. President said the tariffs were aimed at fixing the U.S. trade deficit with other major economies, and will remain in place until the deficit is "cured."

China retaliated against Trump's duties with 34% tariffs on all U.S. imports, while also decrying Trump's tariffs and threatening more measures.

Traders fear that Trump's tariffs will spark economic carnage across the globe, undermining growth and denting demand for oil.

Top oil importer China is also expected to be the worst hit by the new tariffs, which amount to a cumulative 54%.

Goldman Sachs slashes oil price forecasts on tariff jitters
Goldman Sachs had last week cut its 2025 Brent price average by 5.5% to $69/barrel, while WTI prices are expected to average at $66/barrel.

The investment bank cited heightened risks to oil from a brewing global trade war, which could trigger a recession.

Goldman Sacha also warned that any measures by the Organization of Petroleum Exporting Countries and allies (OPEC+), to increase production, stood to dent oil prices.

Several OPEC+ members recently outlined plans to increase production in May, catching markets off guard and raising concerns over even greater supplies in the coming months.

Oil was also spooked last week by data showing a substantially bigger-than-expected build in U.S. inventories.

Source: Investing.com

RELATED NEWS
Oil prices edge down on expected minimal sanctions impact...
Monday, 21 July 2025 17:38 WIB

Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futur...

Oil prices little changed as investors eye impact of new sanctions on Russia ...
Monday, 21 July 2025 12:47 WIB

Oil prices were little changed on Monday as traders assess the impact of new European sanctions on Russian oil supplies while they also worry about tariffs possibly weakening fuel demand as Middle Eas...

Oil Holds Decline With Trade Talks, Russia Energy Curbs in Focus ...
Monday, 21 July 2025 07:26 WIB

Oil was little changed after its first weekly drop this month, with the focus on trade deal progress and the European Union's efforts to curb Russian energy exports.  Brent crude held near ...

Oil Prices Edge Higher After New EU Sanctions On Russia ...
Friday, 18 July 2025 19:07 WIB

Oil prices edged higher on Friday (July 18th), heading for a slight weekly loss, as investors weighed new EU sanctions against Russia. Brent crude futures rose 50 cents, or 0.72%, to $70.02 a barrel ...

Oil Climbs Again as Traders Weigh Signals of Near-Term Tightness ...
Friday, 18 July 2025 12:29 WIB

Oil headed for a back-to-back daily gain after US data showed the world's largest economy holding up despite the fallout from the Washington-led trade war, while market metrics pointed to near-term ti...

LATEST NEWS
US Dollar slips as trade tensions flare, Fed uncertainty weigh on sentiment

The US Dollar (USD) kicks off the week on the back foot, slipping against major currencies in Monday trading. Investors are reacting to renewed trade tensions ahead of the August 1 deadline and a generally cautious market sentiment. Despite mostly...

Indonesia says U.S. tariff on its goods could come into effect before August

Indonesia's chief economic minister Airlangga Hartarto said Monday that a 19% tariff on Indonesian goods entering the United States could be implemented earlier than the August 1 deadline set by U.S. President Donald Trump. Airlangga noted that...

Gold prices rise amid uncertainty over U.S. trade negotiations

Gold prices rose slightly in European trade on Monday, taking some support from haven demand fueled by persistent uncertainty over elevated U.S. tariffs set to take effect in the coming weeks. A mild pullback in the dollar, after a two-week...

POPULAR NEWS
Waller says he's willing to lead Fed if Trump asks, but no contact so far
Saturday, 19 July 2025 02:16 WIB

Federal Reserve Governor Chris Waller, an advocate for an immediate interest rate cut, said on Friday he would accept the job as head of the U.S....

Fed's rate-cut delay intact as inflation fears override Trump pressure
Friday, 18 July 2025 23:28 WIB

The case for a U.S. interest rate cut remains unresolved as Federal Reserve officials head into their policy meeting later this month, with data...

S&P 500, Nasdaq Pull Back from New Highs
Friday, 18 July 2025 23:38 WIB

The S&P 500 briefly touched an all-time high before hovering flat in the afternoon session, while the Nasdaq dipped 0.2% as investors weighed...

US Stocks Mostly Flat as Trump Pushes EU Tariffs
Saturday, 19 July 2025 03:38 WIB

Stocks in the US closed near the flatline on Friday as investors weighed President Trump's push for higher tariffs on the European Union against...