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Oil prices dipped slightly on Tuesday as worries about the impact of a trade war on global growth outweighed concerns about a hit to supply from threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and bomb Iran.
Trump's threats against Iran provided additional support to oil markets.
Oil markets were strengthening to start the week, but expectations that energy demand will take a hit from President Donald Trump's planned rollout of reciprocal tariffs this Wednesday signal an upcoming “beeline south” for prices, according to one asset manager.
WTI crude nears key $70.21 resistance as bullish sentiment grows on geopolitical risks and OPEC supply uncertainty. Traders eye potential upside breakout.
The world's largest sovereign-wealth fund is buying a stake in the Nordseecluster and Thor offshore wind projects, RWE said.
Oil markets on Monday shrugged off U.S. President Donald Trump's threat to hit buyers of Russian oil with tariffs as the shock value of the barrage of threats from the White House begins to wear thin with jaded traders.
President Donald Trump warned that buyers of Russian oil could face "secondary tariffs" if Vladimir Putin does not agree to a ceasefire with Ukraine. He later expressed doubt that the Russian president would "go back on his word.
Oil prices eased on Monday, heading for a slight quarterly loss despite a warning by U.S. President Donald Trump that he may impose secondary tariffs on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine.
Oil prices were mixed in the early Asian session, but may be weighed by looming OPEC+ production increase.
It's been a month since OPEC+ said it would go ahead and gradually unwind its voluntary production cuts starting on April 1, but threats to global supplies have helped prices recover their losses in March.