44 min ago
Oil Falls Amid Tariff Turmoil
Oil prices were falling more than 1% as immediate concerns over supply disruptions ease after U.S. President Trump paused tariffs on Mexico and Canada, the country's biggest foreign suppliers of crude.
Brent was down 1.3% at $74.95 a barrel, while WTI fell 2% to $71.70 a barrel. Meanwhile, as a 10% U.S. tariff on Chinese imports came into effect Tuesday, Beijing announced its decision to retaliate with a 15% tariff on U.S. coal and liquefied natural gas imports and a 10% levy on American crude oil and agricultural machinery, starting Monday.
The move raised fears of a trade war that could ultimately hurt global growth and dampen demand, putting further pressure on prices.
