Oil prices declined on Thursday amid concerns that recent comments from U.S. President Donald Trump regarding tariffs could impact global economic growth and demand for this vital energy source.
Futures for Brent crude fell by 22 cents, or 0.31%, to $69.97 a barrel. West Texas Intermediate crude also dropped by 27 cents, or 0.39%, to $68.11 a barrel.
The decline in oil prices comes against the backdrop of escalating trade disputes between the United States and Brazil, with President Trump threatening on Wednesday to impose tariffs of up to 50% on Brazilian exports to the U.S. market.
In response, Brazilian President Luiz Inácio Lula da Silva warned that his country may “retaliate” against these hefty tariffs that Washington plans to implement starting next month.
