Oil Settles Down More Than 2% After US Crude Stocks Build, OPEC+ Hike, US Tariffs
Oil prices have experienced a decline for the fourth consecutive session, influenced by a larger-than-expected build in U.S. crude stockpiles and concerns over OPEC+'s decision to increase output. Brent crude settled at $69.30 per barrel, while U.S. West Texas Intermediate dropped to $66.31, both touching multi-year lows earlier in the session. The combined impact of rising inventories and U.S. tariffs on Canada, China, and Mexico has heightened fears of a slowdown in energy demand.
- The interplay of geopolitical tensions and supply chain dynamics underscores the vulnerability of oil prices to external economic factors, potentially reshaping market strategies for both producers and consumers.
- In light of these developments, how might global energy policies adapt to mitigate the risks associated with fluctuating oil prices and trade disputes?