https://arab.news/5rye7
LONDON: Oil prices fell on Tuesday as investors assessed US President Donald Trump’s plans to apply new tariffs later than expected while boosting oil and gas production in the US.
Brent crude futures were down $1.42, or 1.77 percent, to $78.73 per barrel at 1116 GMT. US West Texas Intermediate crude futures were down by $1.97, or 2.53 percent, at $75.91. There was no settlement in the US market on Monday due to a public holiday.
Pressuring prices on Tuesday was a stronger US dollar, as its strengthening makes oil more expensive for holders of other currencies.
Trump did not impose any sweeping new trade measures right after his inauguration on Monday, but told federal agencies to investigate unfair trade practices by other countries.
The US president also said his administration would “probably” stop buying oil from Venezuela.
Trump also promised to refill strategic reserves, a move that could be bullish for oil prices by boosting demand for US crude oil.
Also weighing on prices on Tuesday was the potential end to the shipping disruption in the Red Sea. Yemen’s Houthis on Monday said they will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented.