1 week Ago
In this article @LCO.1 @CL.1 Follow your favorite stocks CREATE FREE ACCOUNT A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters Crude oil futures fell more than 2% on Thursday, as President Donald Trump's steep tariffs on China overshadowed his 90-day pause on higher rates for most other countries. U.S.
crude oil fell $1.76, or 2.8%, to $60.
59 per barrel, while global benchmark Brent was down $1.72, or 2.6%, to $63.
76 per barrel. Crude prices rallied Wednesday after Trump announced a lower, temporary tariff rate of 10% on most U.S.
trade partners. Trump said he was open to negotiating deals with countries that don't retaliate. West Texas Intermediate swung 13% from the session low to close at $62.
35 per barrel. But Trump's decision to increase tariffs on China, the world's second-largest economy and biggest crude importer, to an eye-watering 125% weighed on the market Thursday. "The tariffs on China are now higher — that's still pretty significant," said Jim Burkhard, head of oil market research at S&P Global Commodity Insights.
"These negotiations with all these different countries — can the U.S negotiate with 70 countries all at once? I don't think the chaos is over." Catch up on the latest energy news: PRO: To chase or not to chase? Trading this comeback rally using this energy stock as an example PRO: Buy this energy stock as data center demand grows, Morgan Stanley says These nuclear companies are leading the race to build advanced small reactors in the U.
S. Oil executives bluntly criticize Trump tariffs and 'drill, baby, drill' in anonymous survey Track all the latest coverage of oil prices and the oil and gas industry at CNBC.com.
