crude oil
Brent, WTI Decline on Trade and Supply Uncertainty
Singapore: Oil prices fell by about 1 percent today amid expectations of a third round of nuclear negotiations between the United States and Iran, alongside growing uncertainty over global economic growth and fuel demand following new US tariff measures.
Brent crude futures declined by 75 cents, or 1.05 percent, to settle at $71.01 per barrel. US West Texas Intermediate (WTI) crude futures dropped 74 cents, or 1.11 percent, to $65.74 per barrel.
US President Donald Trump announced on Saturday that a temporary tariff on imports entering the United States would be raised from 10 percent to 15 percent — the maximum level permitted under existing legislation — following a ruling by the Supreme Court of the United States that invalidated his previous tariff programme.
Market sentiment was also influenced by the potential resumption of nuclear talks with Iran, which could affect global oil supply expectations, as well as concerns that higher tariffs may dampen trade flows and energy demand worldwide.
