

Oil prices remained relatively unchanged on Thursday, continuing the losses from the previous session. Uncertainty surrounding US President Donald Trump’s proposed tariffs and energy policies raised concerns over global economic growth and energy demand.
Brent crude futures fell by 2 cents to $78.98 a barrel, while US West Texas Intermediate (WTI) crude dipped 4 cents to $75.40.
“Oil markets have given back some recent gains due to mixed drivers,” said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.
Key factors influencing the market include expectations of increased US oil production under President Trump’s pro-drilling policies and the easing geopolitical tension in Gaza, reducing fears of supply disruptions in major producing regions.
The broader economic implications of US tariffs could potentially weaken global oil demand growth, Sachdeva added.
President Trump announced plans to impose new tariffs on Russia unless a resolution to the Ukraine war is reached. He also proposed a 25% tariff on imports from Canada and Mexico and discussed a 10% duty on China in response to fentanyl trafficking concerns.
Additionally, Trump declared a national energy emergency to fast-track environmental permits for energy infrastructure projects, such as pipelines and transmission lines.
“There will be more potential downward choppy movement in the oil market in the near term due to the Trump administration’s lack of clarity on trade tariffs policy and impending higher oil supplies from the US,” said Kelvin Wong, senior market analyst at OANDA. On the supply front, US crude stocks rose by 958,000 barrels for the week ending Jan. 17, according to American Petroleum Institute (API) data. Gasoline inventories increased by 3.23 million barrels, while distillate stocks climbed by 1.88 million barrels. — Reuters
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