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Commodity News Details
Energy Preview: WTI crude oil holds around $70 per barrel mark
28-Feb-2025 09:23

WTI crude oil prices recovered above $70 per barrel mark but still remains near yearly lows. Oil prices surged more than 2% on Thursday after Trump revoked a license granted to US Oil giant Chevron to operate in Venezuela. Meanwhile, concerns over global economic growth and fuel demand'amid Washington's tariff threats and signs of a US economic slowdown'outweighed supply worries. On Thursday, US President Donald Trump announced that his proposed 25% tariffs on Mexican and Canadian goods, including a 10% levy on Canadian energy imports, will take effect on March 4, alongside an additional 10% duty on Chinese imports. Currently, the counter is quoting at $70.04 per barrel, down 0.40% on the day.

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