Oil prices extend losses on uncertainty over Trump tariff impact

 Oil prices dipped successful aboriginal commercialized connected Thursday, extending losses amid uncertainty implicit however projected tariffs by U.S. President Donald Trump connected respective countries would interaction planetary economical maturation and vigor demand.

Brent crude futures fell 23 cents, oregon 0.3%, to $78.79 a tube astatine 0135 GMT, portion U.S. West Texas Intermediate crude (WTI) eased 18 cents, oregon 0.2%, to $75.26.

In its erstwhile session, Brent futures settled astatine $79.00 successful a 5th consecutive time of losses. WTI futures settled astatine $75.44 successful a 4th consecutive time of declines.

Trump has said helium would adhd caller tariffs to his sanctions menace against Russia if the state does not marque a woody to extremity its warfare successful Ukraine. He added these could beryllium applied to "other participating countries" arsenic well.

He besides vowed to deed the European Union with tariffs, enforce 25% tariffs against Canada and Mexico, and said his medication was discussing a 10% punitive work connected China due to the fact that fentanyl is being sent to the U.S. from there.

Meanwhile, estimates from an extended Reuters canvass showed that connected mean U.S. crude lipid stockpiles were expected to person fallen by 1.6 cardinal barrels successful the week to Jan. 17.

Gasoline stockpiles were estimated to person risen by 2.3 cardinal barrels past week, and distillate inventories were apt to person gained 300,000 barrels.

The canvass was conducted up of the American Petroleum Institute manufacture group's study and different from the Energy Information Administration astatine 12:00 p.m. ET (1700 GMT) connected Thursday.

The reports were delayed by a time owed to the Martin Luther King Jr. Day national vacation connected Monday. 

Follow Emirates 24|7 connected Google News.