The view shows unused oil pump lifts in the Airankool oil field supported by Caspiy Neft in the Atirau region, Kazakhstan on April 2, 2025.
Pavel Mikheyev Reuters
Oil's oil fell on Tuesday, increasing the steep losses in fear that President Donald Trump sweeping tariffs It would cause a full -fledged global trade war.
Us pus The oil dropped by 73 cents, i.e. 1.2%, to $ 59.97 per barrel, while the global reference point Brent fell by 1 USD or 1.56%, to USD 63.21 per barrel.
The US Benchmark increased by 1.7% earlier in the session, but went back when Trump's Chinese tariffs are approaching the market. Prices have fallen by more than 15% since the last Wednesday, when Trump announced a new round of import taxes.
Helima Croft, a global boss of goods at RBC Capital Markets and OPEC+ decision to bring more barrels on the market, faces a “toxic cocktail” due to Trump tariffs and OPEC+ decision to restore more barrels on the market.
“For now, people are waiting to see if there is a potential South Africa for this commercial dispute,” said Croft “Squawk on the street”.
According to the White House, the US tariff rate on China has a sharp increase to 104% at 12:01 et on Wednesday. Beijing showed no signs of withdrawal, sweating “fight to the end.”
Treasury Secretary Scott Bessent said on Tuesday CNBC that China was playing a lost hand.
“I think it was a big mistake, this Chinese escalation, because they play with a pair of two,” Bessent said during an interview about CNBC “Squawk Box”. “What do we lose by the Chinese raising tariffs on us? We export one -fifth to them, as it exports to us, so it is a lost hand for them.”