FX.co ★ Oil Sinks Around 3%

WTI crude oil futures dropped approximately 3% to around $69 per barrel on Thursday as market participants adopted a risk-averse stance following the announcement of higher-than-anticipated US tariffs. While imports of oil, gas, and refined products were excluded, President Donald Trump's comprehensive tariff measures—10% as a baseline, 34% on products from China, and 20% on those from the EU—sparked apprehension regarding possible economic repercussions and a subsequent dip in energy demand. On the supply front, US crude oil inventories unexpectedly rose by 6.165 million barrels last week, defying predictions of a 2-million-barrel reduction, largely due to an increase in imports from Canada. Concurrently, Russia implemented tighter export controls, halting shipments from significant ports. Investors are now eagerly anticipating the upcoming OPEC+ meeting later this week for further insights into the global supply projection.