US crude prices down nearly 2 percent as levies on China take effect

advertisement
A view of an oil pumpjack in a farmer’s field near Kindersley, Saskatchewan, Canada September 5, 2024. REUTERS
A view of an oil pumpjack in a farmer’s field near Kindersley, Saskatchewan, Canada September 5, 2024. REUTERS

US crude prices fell by nearly 2 percent on Tuesday as US tariffs on China took effect, though President Donald Trump paused for a month a decision on steep levies on neighbours Canada and Mexico.

US West Texas Intermediate (WTI) crude declined $1.32 (HK$10.3), or 1.8 percent, to trade at $71.84 per barrel, while Brent futures fell 87 cents, or 1.2 percent, to $75.09 by 0617 GMT.

US tariffs of 10 percent on Chinese imports took effect at mid-day in Asian trade, spurring Beijing to retaliate with levies of 15 percent on US coal and liquefied natural gas and 10 percent on crude oil starting from Feb. 10.

"China’s counter-tariffs on the US may be perceived as a sign of escalation and may reduce the likelihood of a temporary resolution akin to US agreements with Mexico and Canada," IG market strategist Yeap Jun Rong said in an email.

Related Article
Economic Security: Meaning, History in the US, FAQs
What Is the World Bank, and What Does It Do?
Black Economy: AKA Black Market, Overview and Examples
U.S. Poverty Rate by Demographics and State
Trump vs. Obama on Their Economic Policies
HK shares climb 2.8 percent despite trade tensions
HK banks borrow $1.25 billion from Monetary Authority
Secondary home deals pick up over weekend
©2025 EcoInvest All Rights Reserved
Privacy Policy
Terms of Service
  •  HOME
  •  HOT ARTICLES
  •  RECOMMENDED
  •  LATEST NEWS
  •  POPULAR POSTS
  •  RELATED ARTICLE
  •  PRIVACY POLICY
  • Home
  • HOT ARTICLES
  • RECOMMENDED
  • LATEST NEWS
  • POPULAR POSTS
  • RELATED ARTICLE
  • PRIVACY POLICY