Petroleum prices dipped on Wednesday as rising U.S. stockpiles and concern about a new Sino-U.S. trade war fueled fears of weaker economic growth, off-seting U.S. President Trump’s renewed push to eliminate Iranian crude exports.
Brent crude futures were down 86 cents, or 1.1%, at $75.34 U.S. a barrel. U.S. West Texas Intermediate crude (WTI) lost 80 cents, or 1.1%, to $71.90.
Oil on Tuesday traded in a wide range, with WTI falling at one point by 3%, its lowest in 2025, after China announced tariffs on U.S. imports of oil, liquefied natural gas and coal in retaliation to U.S. levies on Chinese exports.
Prices rebounded, however, after Trump restored the “maximum pressure” campaign on Iran to curtail its nuclear program he enacted in his first term, which cut Iranian crude exports close to zero.
Ongoing trade tensions between the U.S. and China may dampen demand for oil, putting downward pressure on prices.
Crude stocks rose by 5.03 million barrels in the week ended Jan. 31, according to market sources, citing American Petroleum Institute figures.
