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The view shows that it is expanding with an oil pump on the Airankol oil field, which is managed by Caspiy Neft in the Attirau region, Kazakhstan on April 2, 2025.
Pavel Mikheyev | Reuters
Oil futures fell on Tuesday, adding even before steep losses, fearing Donald Trump’s president sweep tariffs Will cause a full global trade war.
We have raw Oil decreased by 73 cents, or 1.2%, up to $ 59.97 per barrel, while Global Benchmark Brent decreased by $ 1, or 1.56%, up to $ 63.21 per barrel.
The American landmark collapsed after increased 1.7% earlier in the session.
The oil market faces the “toxic cocktail” of the recession fear of Trump and the OPEC+ decision to return more barrels to the market, said Helim Croft, head of goods in RBC Capital Markets markets.
“Now people are waiting for whether this trade dispute is potential,” Croft said Cnbc.
According to the White House, the tariff rate in China is set up to 104% at 12:01 am. Beijing did not show signs of retreat, promising to “fight to the end”.
Treasury Secretary Scott Baby said CNBC on Tuesday that China was playing in an unprofitable hand.
“I think it was a big mistake, the escalation of Chinese “Box.” “What do we lose from the Chinese who raise the tariffs on us? We export to them a fifth of what they export to us, so it’s a lost hand for them.”
