Crude: Oil prices fall, US inventories rise, and high tariffs continue.
New Delhi: Oil prices fell on Wednesday as US crude inventories rose, amid reports about easing tariffs on Canadian and Mexican imports.
On Tuesday, Libya stated that trade had resumed, and supply concerns eased after the National Oil Corp said export activity was normal. They had held conversations with the protestors demanding a halt of loadings at one of its main oil ports, according to media reports.
However, the OPEC+ Joint Ministerial Monitoring Committee (JMMC), meeting next Monday, might become another source of ambiguity in the ongoing unpredictable political and economic environment, Tamas Varga, an analyst with oil broker PVM, was quoted as saying.
Saudi Arabia’s energy minister and many members of the OPEC+ have held talks after US President Donald Trump’s call for lowering oil prices. It may potentially end the Russia–Ukraine war as Trump believes the increasing oil prices are the only reason for the continuation of their ongoing conflict.
Brent crude futures were down 59 cents, or 0.76 percent, to USD 77.90 a barrel as of 0916 GMT, while US crude futures had lost 55 cents, or 0.75 percent, at USD 73.22.
The White House said on Tuesday that President Trump plans to clamp 25 percent tariffs on imports from Canada and Mexico
“Crude prices keep dancing to the rhythm of Trump’s tariff orchestra, with Canada tariffs going into effect on Saturday potentially lifting US prices then,” said Ole Hansen, head of commodity strategy at Saxo Bank.
