US EditionOil Edges Lower as Trade War Concerns Increase Worries About Fuel Demand
UNITED STATES, JUL 21 – Rising oil supply from OPEC+ and U.S.-EU tariff threats are contributing to market volatility as analysts predict slower demand growth and cautious investor sentiment.
- Oil prices fell early Tuesday as Washington warned of a 30% tariff on EU imports by August 1.
- EU diplomats said Brussels is exploring broad retaliatory measures, and EU envoys will meet this week to plan responses to the August 1 no-deal deadline.
- The JODI report showed Saudi Arabia’s May exports hit a three-month high, and OPEC+ began reversing output cuts, boosting market availability.
- Investors will react, and Tony Sycamore said `trade war fears offset the support provided by a softer dollar`.
- Market forecasts suggest a bearish short-term outlook amid looming tariffs and cautious agency demand guidance, despite some currency support.
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Oil prices lost momentum on Tuesday, July 22, offset by the prospect of oversupply and threats of new tariffs from US President Donald Trump, which could affect demand.The price of North Sea Brent crude barrel for delivery in September dropped by 0.90%, to $68.59.The US equivalent, the West Texas Intermediate for delivery in August, lost 1.47% to $66.21.“World oil reserves are likely to increase due to oversupply in the oil market, which often t…
Oil price falls as trade war concerns increase worries about fuel demand
Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the US and the EU will curb fuel demand growth by lowering economic activity weighed on investor sentiment.
·Johannesburg, South Africa
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Coverage Details
Total News Sources27
Leaning Left0Leaning Right4Center2Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
C 33%
R 67%
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