Crude oil prices have begun to rebound in Asian markets after three weeks of declines, with Brent reaching $75.10 per barrel and WTI at $71.40. This follows increased U.S. inventories and President Trump's commitment to boosting oil production. New tariffs imposed on steel and aluminum have triggered retaliatory measures from China on U.S. energy imports, causing heightened market volatility. Additionally, these tariffs could raise costs for oil companies, potentially affecting supply and operational expenses. Investors are turning to oil as a hedge against inflation amidst global economic uncertainties.
Brent prices reached $75.10 per barrel, indicating a rebound despite earlier declines due to increased U.S. crude inventories and trade tensions.
The imposition of tariffs has pressured the crude oil market, influencing oil prices amidst fears of slowing global economic growth.
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