Oil prices fell by about 1% on Wednesday, as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from U.S. tariffs. Prices have seesawed in a tight range, as signs of steady demand from an increase in travel during the Northern Hemisphere summer have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Advertisement · Scroll to continue
Report This Ad Brent crude futures fell 63 cents, or 0.9%, to $68.08 a barrel by 1150 GMT. U.S. West Texas Intermediate crude futures were down 69 cents, or 1%, to $65.83. U.S. President Donald Trump has threatened a 30% tariff on imports from the European Union from August 1, a level European officials say is unacceptable and would end normal trade between two of the world's largest markets. The European Commission is preparing to target 72 billion euros ($84.1 billion) worth of U.S. goods for possible tariffs if talks with Washington to reach a trade agreement fail. Trump also said on Monday that the United States will impose "very severe tariffs" on Russia in 50 days if there is no deal to stop the war in Ukraine.
