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By Alex Kimani |OilPrice.com| The U.S. Department of Energy has finalized a contract to purchase 4.65 million barrels of crude oil for the Strategic Petroleum...
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(Reuters) - Oil prices fell more than 2% on Thursday, as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth.
Brent crude futures settled at $68.64 a barrel, down $1.55, or 2.21%. U.S. West Texas Intermediate crude finished at $66.57 a barrel, down by $1.81, or 2.65%.
On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S., pressuring his Brazilian counterpart Luiz Inacio Lula da Silva over Brazil's trial of former President Jair Bolsonaro over charges of plotting a coup to stop Lula from taking office in 2023.
Higher interest rates make borrowing more expensive and can slow demand for oil.
OPEC+ oil producers are set to approve another big output boost for September, as they complete unwinding voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota.
However, OPEC+ indicated it may pause output hikes in October because of a possible peak in oil demand, said Phil Flynn, senior analyst with Price Futures Group.
Two of three major U.S. stock market indexes closed at record levels of Thursday, as investors counted on corporate earnings to prevail over inflation risks and President Trump's tariffs.
The S&P 500 ended roughly 0.3% higher at about 6,280, a fresh record close, according to preliminary data.
The Nasdaq Composite gained about 0.1% to end near 20,630, also a record close.
The Dow Jones Industrial Average added about 0.4%.
Crude oil inventories in the United States increased by 7.1 million barrels during the week ending July 4, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The build brings commercial stockpiles to 426 million barrels, still 8% below the five-year average for this time of year.
Additionally, stocks at the Cushing, Oklahoma, delivery hub decreased by 464 thousand barrels.
Energy Exploration Technologies Inc. (EnergyX) has struck a major deal to expand its position...
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President Donald Trump’s latest legislative push, known as the “One Big Beautiful Bill,” marks...
WASHINGTON (Reuters) – American companies unveiled a series of significant AI and energy investment...
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By Felicity Bradstock for Oilprice.com| Many countries need to invest heavily in upgrading their...
By Charles Kennedy for Oilprice.com | Shell and other major energy players have withdrawn...
Baker Hughes, Hunt Energy, and Argent LNG are forming a partnership to create a...
Merger and acquisition activity in the U.S. upstream oil and gas sector slowed significantly...
By Felicity Bradstock for Oilprice.com | The United Nations Development Programme (UNDP) and the...
Yuka Obayashi and Katya Golubkova | TOKYO (Reuters) -U.S. President Donald Trump said on...
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