WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday as U.S. President Donald Trump agreed to postpone levies on Canada and Mexico's exports to the United States for 30 days.
Meanwhile, the Trump administration imposed 10% tariffs on imports from China, and the latter retaliated with tariffs of up to 15% on American goods and export controls on strategic materials, including tungsten and tellurium.
West Texas Intermediate Crude oil futures for March settled at $72.70 a barrel, down $0.46 or about $0.63% from previous close.
Brent crude futures closed higher by $$0.24 or about 0.32% at $76.20 a barrel.
The OPEC+'s decision to stick with its plans to begin returing 2.2 million barrels per day of voluntary production cuts by increasing supply by 122,000 bpd from April, weighed as well on oil prices.
The downside in oil prices was limited as Trump said he plans to restore maximum pressure on Iran, aiming to cut down Iranian oil exports to zero.
Traders now await weekly oil reports from the American Petroleum Institute (API). and the Energy Information Administration (EIA).
API is scheduled to release its weekly data later today, while the EIA report is due Wednesday morning.
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