7 July
New US tariffs trigger sharp weekly decline in oil prices
Oil prices extended their decline in early Asian trade on Friday, marking their steepest weekly drop in several months. The new US import tariffs have stoked concerns over weakening demand, Reuters reports.
On April 2, US President Donald Trump announced sweeping 10% baseline tariffs on all imported goods, with extra duties targeting dozens of the country's biggest trading partners.
While energy imports will be spared, the tariffs risk fueling inflation, slowing US growth and straining international relations. All these factors may weigh on oil prices, according to the agency.
Bearish sentiment intensified further after OPEC+ revealed plans to boost crude output by 411,000 barrels per day in May, significantly above the initially planned 135,000 barrels per day increase, Reuters highlights.
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