Crude oil futures are facing pressure due to concerns over U.S. import tariffs and their potential impact on global economic growth and fuel demand. Tariffs imposed on key suppliers like Canada and Mexico, alongside China's retaliatory measures, are raising fears of an economic slowdown. Saudi Arabia's decision to cut prices for Asia and disappointing Chinese data complicate the outlook, as it signals attempts to maintain market share amidst weaker demand. OPEC+'s plan to increase output may further add to supply concerns in a fragile market seeking clarity on future demand recovery.
Crude oil futures faced downward pressure as concerns over U.S. import tariffs and their economic impact weighed on market sentiment, leading to fears of a global slowdown.
President Trump's tariffs and China's retaliatory measures have raised fears that a global economic slowdown could dampen oil demand, impacting market activity significantly.
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