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Oil Drops as US Tariff Uncertainty Clouds Demand, Iran Nuclear Talks Eyed
Oil prices dropped over 1% as US-Iran nuclear talks raised hopes for a deal, while tariff uncertainties from President Trump's hike dampened global growth and demand.
- On Monday, oil prices fell over 1 as U.S. and Iran prepared for a third round of nuclear talks, easing escalation fears.
- Iran indicated it is prepared to make concessions on its nuclear programme, while the U.S. Supreme Court's decision to strike down import tariffs and Trump’s plan to raise a 15 per cent tariff complicate the trade outlook, Tamas Varga said.
- Intraday, Brent slid 73 cents to $71.03 and WTI was at $65.73; Tony Sycamore said, `The tariff news over the weekend has resulted in some risk aversion flows this morning, which can be viewed in the price of gold and U.S. equity futures and this is weighing on the crude oil price`.
- The dollar weakened as futures slid, reflecting policy uncertainty that dampened investor sentiment, with S&P 500 futures down 0.6% and Nasdaq 100 futures off 0.73%.
- Growing concerns pushed prices up more than 5% last week, and if tensions return, recent surplus forecasts could be upended, Goldman Sachs said.
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Oil drops as US tariff uncertainty clouds demand, Iran nuclear talks eyed
LONDON, Feb 23 : Oil prices fell over 1 per cent on Monday as the U.S. and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while President Donald Trump's fresh tariff hikes created uncertainty for global growth and fuel demand.Brent crude futures slid 73 cents, or 1 p
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Coverage Details
Total News Sources26
Leaning Left1Leaning Right3Center3Last UpdatedBias Distribution43% Center, 43% Right
Bias Distribution
- 43% of the sources are Center, 43% of the sources lean Right
43% Right
14%
C 43%
R 43%
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