Oil steadied as investors mulled over trade policy uncertainties
Oil prices were largely stable on Tuesday as markets assessed shifting US trade policy signals, though underlying concerns over global demand exerted mild downward pressure.
Oil prices were largely stable on Tuesday as markets assessed shifting US trade policy signals, though underlying concerns over global demand exerted mild downward pressure.
Brent crude inched down 21 cents to $64.67 per barrel.
US West Texas Intermediate (WTI) edged 20 cents lower to $61.33 per barrel.
The muted trading session followed a series of conflicting policy cues from the US government. Although an initial tariff exemption on select electronics had offered brief relief to a weakening economic outlook, the measure was later framed as temporary, with Washington signalling the imposition of broader semiconductor tariffs. Meanwhile, just two weeks after implementing a 25% levy on certain automobiles, the US indicated that these duties may be suspended.
Nonetheless, the US government’s general stance on trade policy restriction continued to add a bearish tone to the global economy. Reflecting these sentiments, OPEC trimmed its demand growth forecast for 2025 and 2026 by 150,000 barrels per day.
Written by: Derek Yong