Oil prices: Trump's actions dramatically changed market dynamics

Oil prices continue to decline due to uncertainty surrounding Donald Trump’s customs policy and the potential impact of a trade war between the U.S. and China.

The U.S. is exerting pressure on the oil market — here are the latest prices for black gold.

Futures for Brent and West Texas Intermediate (WTI) crude oil dropped by 0.28% and 0.29% respectively, reaching $64.49 and $61.15 per barrel.

Benchmark crude brands are continuing to register losses, as the market reacts to President Trump's tariff policy.

On Wednesday, April 16, global oil prices continued their downward trend. The market is influenced by the uncertainty regarding the effects of Trump’s trade policies.

Traders are reassessing the potential impact of the U.S.-China trade war on global economic growth and energy demand. Additionally, it is expected that in 2025, global oil demand will grow at the slowest pace in five years. Furthermore, forecasts suggest that U.S. oil production growth will also slow due to Trump’s tariff measures.

Brent futures dropped by 18 cents or 0.3%, trading at $64.49 per barrel. West Texas Intermediate crude fell by 16 cents or 0.3%, bringing the price down to $61.17 per barrel.

According to data, current oil prices are as follows:

Brent crude futures: $64.49 per barrel (-0.28%)

WTI contracts: $61.15 per barrel (-0.29%)

Source: Reuters.

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