Reuters: escalating tariff disputes moderately push oil prices down

Oil prices declined on Thursday after a recent surge due to growing concerns over escalating tariffs and their potential negative impact on global economic growth. This caution was not offset by positive sentiment, fueled by a significant drop in U.S. crude oil and fuel inventories. This was reported by Reuters.

During Thursday's morning trading sessions, Brent crude oil saw a modest decline of 0.1%, while U.S. WTI crude oil fell by 0.2%. The market was pressured by the U.S. President's statements about increasing tariffs, which sparked investor fears of a potential recession.

On the other hand, the decline in U.S. crude oil and fuel inventories bolstered expectations of rising seasonal demand. According to data from the Energy Information Administration (EIA) released on Wednesday, the United States reserves of crude oil increased by 1.4 million barrels over the past week, falling short of the expected 2 million-barrel rise.

Meanwhile, the OPEC reported a 363,000 barrels-per-day increase in February production within the expanded OPEC+ group. The organization maintained its forecast for strong global oil demand in 2025, projecting growth of 1.8 million barrels per day, according to Reuters.