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Oil Steadies as Investors Assess Fallout From US Tariff Threats

Yahoo Finance · last updated

(Bloomberg) — Oil fell for the third time in four days as US President Donald Trump’s tariff threats against two of the country’s major trading partners unsettled markets and boosted the dollar.

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West Texas Intermediate traded near $70 a barrel, after surging more than 2% on Thursday, with Brent closing just above $74. Trump affirmed plans for levies on imports from Canada and Mexico from March 4, including a possible 10% levy on Canadian energy products. If implemented, such a move could raise crude-buying costs, while higher charges on all other goods risk slowing growth and hurting energy demand.

Crude remains on track for a sixth straight weekly loss, as poor economic data fanned concerns over global growth. Trump has also jacked up tariffs against China, the world’s largest crude importer. On the supply side, pipeline exports from Iraq’s semi-autonomous Kurdistan region may be restarted, although cartel OPEC+ is widely seen as likely to defer a production increase.

A gauge of the US dollar rallied 0.6% on Thursday, dulling the appeal of commodities for many buyers.

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