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Commodity News Details
Energy Preview: Crude sinks as $70 mark gives up
04-Apr-2025 08:59
WTI Crude oil futures slumped nearly 6% to sink below $66 per barrel yesterday as US President Donald Trump's sweeping tariffs fueled fears of weaker global demand. Despite exemptions for energy imports, the 10% baseline tariff and steep levies on China (34%) and the EU (20%) raised market concerns. Meanwhile, Russia tightened export restrictions, further complicating supply dynamics. A jump in the US crude oil storage also weighed on the sentiments. EIA data showed that Crude oil inventories in the US saw a large increase of 6.2 million barrels during the week ending March 28. Commercial US crude inventories surged to the highest since July 2024 with this spike.

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