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Oil Falls Amid Concerns Over Escalating Trade TensionsSingapore, 10 Jul (ONA) —- Oil prices today dropped as the latest tariff announcements by US President Donald Trump were perceived by market participants to threaten global economic growth and demand for the resource.
Brent crude futures were down 22 cents, or 0.31 percent, at IUSD 69.97 a barrel.
US West Texas Intermediate crude lost 27 cents, or 0.39 percent, to USD 68.11 a barrel.
The drop in oil prices comes amid escalating trade tensions between the US and Brazil, with the US president threatening to impose tariffs of up to 50 percent on Brazilian exports to the US market.
In contrast, Brazilian President Luiz Inacio Lula da Silva warned that his country may have a “reciprocal” response to these massive tariffs, which Washington intends to implement starting next August.—- Ends/Khalid
