Oil prices decrease by 2% to 2 weeks low as the trade war's prospects are concerned

By Scott Disavino New York – Oil prices fell about 2% to a two -week low on Tuesday, as investors supported OPEC to increase production and US President Donald Trump’s rates would hit the global economy and the fuel would be slow. Brent -Termine contracts fell by $ 1.61, or 2.4%, to settle at $ 64.25 a barrel. US Western Texas -Intermediate crude oil fell by $ 1.63, or 2.6%, to settle at $ 60.42. Both benchmarks have placed the lowest settlement since April 10. Trump’s aggressive rates on imports in the US have made it likely that the global economy will enter into a recession this year, according to a majority of economists in a Reuters poll. China, hit with the steepest rates, responded with its own levies against US imports and a trade war between the top two oil -consuming countries. Analysts have sharply reduced their oil demand and price forecasts. “The trade between China and the US has delayed a semi-embargo-type flow. Every day that passes without some kind of any of our important trading partners, one day brings us closer to a global destruction,” said Bob Yawger, director of energy futures at Mizuho. The US trade deficit in goods expanded to a record high in March as companies increased the efforts to propose goods before Trump’s livestock tariffs, indicating that trade in the first quarter was a major increase in economic growth. The fallout of Trump’s trade war reproduced through the corporate world on Tuesday, as delivery giant UPS said it would cut 20,000 jobs to reduce the costs. Car manufacturer General Motors drew its outlook and printed his investor call until Thursday pending possible changes to the trade policy. Trump was planning to mitigate the battle of his car rates through an executive order that mixed credits with relief from other levies on parts and materials, after car manufacturers pushed their case with the administration. The British oil major BP reported a deeper 48% drop in net profit to $ 1.4 billion on weaker refinement and gas trading. The energy market is awaiting the Earns of the US Oil Main Perks Exxon Mobil and Chevron this week. Production that increases several members of the organization of the Petroleum Exporting Countries and allies in OPEC will suggest an acceleration of production hikes for a second consecutive month in June, sources told Reuters last week. “Another production hike from OPEC could not occur at a worse time when the sentiment is already weak, and because Kazakhstan does not show much interest in reducing production,” said Ole Hansen, analyst of Saxo Bank. The OPEC member Kazakhstan increased a year-on-year by 7% in January March thanks to an offer increase via the Caspian pipeline, Reuters calculations showed on Tuesday based on official data and sources. US oil supply US oil supply data from the American Petroleum Institute Trade Group was on Tuesday and some of the US EIA on Wednesday. [EIA/S] [I/S] Analysts predicted that energy companies added about 0.5 million barrels of oil to the US stock during the week ended April 25. If correct, it would be the fifth weekly building in a row and compared with an increase of 7.3 million barrels during the same week last year and an average build -up of 3.2 million barrels over the past five years. This article was generated from an automated news agency feed without edits to text. First Published: 30 Apr 2025, 12:47 am Ist