Crude Oil Pulls Back Sharply Amid Renewed Trade | Commodities
(RTTNews) – The price of crude oil moved sharply decrease during trading on Tuesday, more than offsetting the numerous increase seen within the earlier session.
After leaping $1.14 or 1.8 p.c to $64.80 a barrel during Monday’s session, crude for October supply tumbled $1.55 or 2.4 p.c to $63.25 a barrel.
The pullback by crude oil partly mirrored considerations concerning the affect of President Donald Trump’s trade insurance policies, as he threatened to impose “substantial additional tariffs” on international locations that don’t take away digital taxes and associated laws that hurt U.S. tech firms.
“America, and American Technology Companies, are neither the ‘piggy bank’ nor the ‘doormat’ of the World any longer,” Trump mentioned on Truth Social. “Show respect to America and our amazing Tech Companies or, consider the consequences!”
Trump has additionally threatened to impose 200 p.c tariffs on China if Beijing doesn’t export rare-earth magnets to the U.S.
Meanwhile, the Trump administration formally issued a discover concerning the imposition of an further 25 p.c tariffs on Indian imports, with the punitive duties set to kick in at 12:01 am (EST) on August 27.
Russian overseas minister Sergey Lavrov has accused Western nations and Ukrainian President Zelensky of obstructing peace talks on Ukraine in an interview.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
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