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Oil Prices Drop as Tariff Jitters Weigh; Weekly Gains Likely – Oil & Gas 360

Summary by Oil & Gas 360
(Investing) – Oil prices slipped lower U.S. President Donald Trump outlined tariffs against a slew of countries, ramping up concerns over their potential impact on oil demand. At 08:05 ET (12:05 GMT), Brent oil futures for October fell 0.7% to $71.21 a barrel and West Texas Intermediate crude futures dropped 0.6% to $68.85 a barrel. But crude prices were still set for gains of over 5% this week, having benefited from threats of even stricter U.S.
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Oil prices were little changed in Asian trading today as traders weighed the impact of new tariffs on US imports, fearing they could curb economic activity and dampen global oil demand growth.

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Archy Worldys broke the news in on Friday, August 1, 2025.
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