Trump said his administration was discussing imposing a 10% tariff on goods imported from China
Oil prices hold near one-week low as investors watch US Trump tariff policies
Oil prices held near a one-week low on Wednesday as the market considers how U.S. President Donald Trump's proposed tariffs could affect global economic growth and demand for energy.
Brent futures fell 19 cents, or 0.2%, to $79.10 a barrel by 11:04 a.m. EST (1604 GMT), while U.S. West Texas Intermediate (WTI) crude was 25 cents, or 0.3% lower, at $75.58.
That puts Brent down for a fifth day in a row for the first time since September and WTI down for a fourth day in a row for the first time since November. Both crude benchmarks were on track for their lowest closes since Jan. 9.
"As more details emerge regarding energy production and trade agreements, traders will assess the balance between economic growth, energy security, and policy risks," said Dilin Wu, research strategist at Pepperstone.
Trump said his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.
He also vowed duties on European imports, without providing further detail.
"The oil market's attention is slowly turning away from U.S. sanctions against Russia towards President Trump's potential trade policy," said ING analysts, adding that the energy complex has come under pressure with the growing threat of tariffs.
In Europe, French President Emmanuel Macron and German Chancellor Olaf Scholz sought to project unity at a meeting in Paris, as Europe struggles to respond with one voice to threats of tariffs from the United States.
