Oil Prices on Course for Monthly Decline Amid Tariff and Economic Growth Concerns
Oil prices were set for a monthly decline amid concerns about the risks posed by tariffs to the global economy and demand for fuel. The pound was muted against the dollar in early European trading, hovering below the $1.26 mark, at $1.2593. Concerns around trade tariffs and inflation persist, as US president Donald Trump confirmed on Thursday that 25% duties on Canada and Mexico were still due to come into force on Tuesday 4 March.
- The escalating trade tensions between the US and its trading partners could lead to a ripple effect in commodity markets, potentially destabilizing global supply chains.
- What would be the impact on the global economy if the current tariffs were to become permanent, and how would this affect oil demand and prices?