Oil Prices Dip on Trade Uncertainty
Singapore (Reuters) - Oil prices fell on Thursday, continuing a downward trend amid concerns over the potential impact of President Trump's proposed tariffs on global growth and energy demand.
Brent crude futures declined 23 cents, or 0.3%, to $78.79 a barrel by 0135 GMT. U.S. West Texas Intermediate (WTI) crude eased 18 cents, or 0.2%, to $75.26.
The losses extended declines from the previous trading session, when Brent settled at $79.00 after a fifth consecutive day of losses. WTI settled at $75.44, marking its fourth consecutive decline.
Trump has threatened to impose additional tariffs on Russia and "other participating countries" if they fail to resolve the ongoing war in Ukraine. He has also vowed to target the European Union with tariffs, impose 25% tariffs on Canada and Mexico, and is considering a 10% punitive duty on China to curb fentanyl shipments.
Meanwhile, a Reuters poll estimates a decline of 1.6 million barrels in U.S. crude oil stockpiles for the week ending January 17. Gasoline stockpiles are expected to have increased by 2.3 million barrels, while distillate inventories are likely to have risen by 300,000 barrels.
The poll results precede the release of inventory data from the American Petroleum Institute and the Energy Information Administration, both scheduled for Thursday afternoon.