“Oil price falls as Trump’s tariff expansion darkens demand outlook – ReutersOil prices fell due to new Trump tariffs threatening global economic growth. Brent and WTI futures lost value, despite rising US
crude oil inventories and record demand for air travel.
”, — write: unn.ua
DetailsBrent crude futures fell 22 cents, or 0.31%, to $69.97 a barrel as of 00:52 GMT. US West Texas Intermediate crude lost 27 cents, or 0.39%, to trade at $68.11 a barrel.
On Wednesday, Trump threatened Brazil, Latin America’s largest economy, with a 50% punitive tariff on exports to the US after a public dispute with Brazilian President Luiz Inácio Lula da Silva.
Earlier, Trump announced plans to impose tariffs on copper, semiconductors, and pharmaceuticals, and sent letters of intent for tariffs to the Philippines, Iraq, and other countries, adding them to more than a dozen such letters sent earlier this week, including key US suppliers South Korea and Japan.
Policymakers remain concerned about inflationary pressures caused by Trump’s tariffs. As minutes from the Federal Reserve’s June 17-18 meeting released on Wednesday showed, only “a few” officials expressed the view that rates could be cut as early as this month.
Rising interest rates make borrowing more difficult and reduce demand for oilSome support for prices came from an increase in US crude oil inventories, while gasoline and distillate inventories decreased last week, the Energy Information Administration (EIA) said on Wednesday. Gasoline demand rose 6% to 9.2 million barrels per day.
According to J.P. Morgan, the average number of daily global flights in the first eight days of July was 107,600 — a record. In China, the number of flights reached a five-month high, and port and freight activity indicates “steady expansion” of trade compared to last year.
“Since the beginning of the year, the average growth in global oil demand has been 0.97 million barrels per day, which is in line with our forecast of 1 million barrels per day,” the report says.
Oil prices fell from two-week highs amid uncertainty over further Trump tariffs09.07.25, 10:09 • 1029 views