Oil Drops Amid Global Trade War, Waning Russian Supply Risk
Rail wagons for oil cargo at the RN-Tuapsinsky refinery in Tuapse, Russia.
Source: Bloomberg
Oil fell as US President Donald Trump reignited his global trade war, while his latest plan to pressure Russia into a ceasefire with Ukraine didn’t include new measures aimed directly at hindering Moscow’s energy exports.
West Texas Intermediate fell 2.1% to settle below $67 a barrel after Trump threatened 100% “secondary” tariffs on countries that do business with Russia if there’s no ceasefire in 50 days. But he didn’t announce direct sanctions on the nation’s oil shipments, which traders had speculated might be coming when Trump promised a “major statement” on Russia last week.