Oil steady amid bearish Trump tariff outlook, weaker US dollar
Oil prices were steady on Thursday as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth, while a weaker dollar and signs of strong U.S. gasoline demand underpinned prices.
Brent crude futures were up 4 cents at $70.23 a barrel by 0600 GMT. U.S. West Texas Intermediate crude fell 1 cent to $68.37 a barrel.
On the demand side, macro uncertainty has led to a more cautious buying environment, particularly in Asia, said analytics firm Kpler in a note, while noting that geopolitical risk premiums have faded with the Israel-Iran ceasefire holding.
On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S., after a public spat with his Brazilian counterpart Luiz Inacio Lula da Silva. Reuters
Oil prices were steady on Thursday as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth, while a weaker dollar and signs of strong U.S. gasoline demand underpinned prices.
Brent crude futures were up 4 cents at $70.23 a barrel by 0600 GMT. U.S. West Texas Intermediate crude fell 1 cent to $68.37 a barrel.
On the demand side, macro uncertainty has led to a more cautious buying environment, particularly in Asia, said analytics firm Kpler in a note, while noting that geopolitical risk premiums have faded with the Israel-Iran ceasefire holding.
On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S., after a public spat with his Brazilian counterpart Luiz Inacio Lula da Silva. Reuters
Oil prices were steady on Thursday as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth, while a weaker dollar and signs of strong U.S. gasoline demand underpinned prices.
Brent crude futures were up 4 cents at $70.23 a barrel by 0600 GMT. U.S. West Texas Intermediate crude fell 1 cent to $68.37 a barrel.
On the demand side, macro uncertainty has led to a more cautious buying environment, particularly in Asia, said analytics firm Kpler in a note, while noting that geopolitical risk premiums have faded with the Israel-Iran ceasefire holding.
On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S., after a public spat with his Brazilian counterpart Luiz Inacio Lula da Silva. Reuters
comments
Oil steady amid bearish Trump tariff outlook, weaker US dollar
comments