Crude prices fell on Tuesday as U.S. tariffs on China took effect and Beijing retaliated with its own measures, heightening trade war fears, while U.S. President Trump delayed steep levies on Canada and Mexico for a month, as per a report.
U.S. West Texas Intermediate (WTI) crude was down $2.03, or 2.77 per cent, at $71.13 a barrel by 1400 GMT while Brent futures lost $1.41, or 1.86 per cent, to $74.55, Reuters reported.
China's Finance Ministry said it would impose levies of 15 per cent on U.S. coal and LNG, as well as 10 per cent on crude oil, farm equipment and the small number of trucks as well as big-engine sedans shipped to China from the United States.
Ongoing trade tensions between the U.S. and China may dampen demand for oil, leading to continued pressure on prices.
China's 2024 crude oil imports from the United States accounted for 1.7 per cent of its total crude imports, customs data shows.
China's counter-tariffs could be perceived as a sign of escalation and reduce the likelihood of a temporary resolution akin to U.S. agreements with Mexico and Canada, IG market strategist Yeap Jun Rong said in an email.
Meanwhile, Gold prices regained an all-time high on Tuesday, driven by investors seeking the safe-haven asset after China retaliated with tariffs on the U.S. in response to President Donald Trump's tariffs.
Spot gold gained 0.7 per cent to $2,834.24 per ounce as of 09:23 am (ET), after hitting a record high of $2,836.98 earlier in the session. U.S. gold futures rose 0.2 per cent to $2,862.80.
Q1. What do we know about Gold prices?
A1. Gold prices regained an all-time high on Tuesday, driven by investors seeking the safe-haven asset after China retaliated with tariffs on the U.S. in response to President Donald Trump's tariffs.
Q2. What do we know about Crude Oil prices?
A2. U.S. West Texas Intermediate (WTI) crude was down $2.03, or 2.77 per cent, at $71.13 a barrel by 1400 GMT while Brent futures lost $1.41, or 1.86 per cent, to $74.55, Reuters reported.
Budget with ET
Tax calculator
China's Finance Ministry said it would impose levies of 15 per cent on U.S. coal and LNG, as well as 10 per cent on crude oil, farm equipment and the small number of trucks as well as big-engine sedans shipped to China from the United States.
Ongoing trade tensions between the U.S. and China may dampen demand for oil, leading to continued pressure on prices.
China's 2024 crude oil imports from the United States accounted for 1.7 per cent of its total crude imports, customs data shows.
China's counter-tariffs could be perceived as a sign of escalation and reduce the likelihood of a temporary resolution akin to U.S. agreements with Mexico and Canada, IG market strategist Yeap Jun Rong said in an email.
Meanwhile, Gold prices regained an all-time high on Tuesday, driven by investors seeking the safe-haven asset after China retaliated with tariffs on the U.S. in response to President Donald Trump's tariffs.
Spot gold gained 0.7 per cent to $2,834.24 per ounce as of 09:23 am (ET), after hitting a record high of $2,836.98 earlier in the session. U.S. gold futures rose 0.2 per cent to $2,862.80.
FAQs
Q1. What do we know about Gold prices?
A1. Gold prices regained an all-time high on Tuesday, driven by investors seeking the safe-haven asset after China retaliated with tariffs on the U.S. in response to President Donald Trump's tariffs.
Q2. What do we know about Crude Oil prices?
A2. U.S. West Texas Intermediate (WTI) crude was down $2.03, or 2.77 per cent, at $71.13 a barrel by 1400 GMT while Brent futures lost $1.41, or 1.86 per cent, to $74.55, Reuters reported.
Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
