WTI Oil Price Edges Near $67.50 Amid Rising Global Demand Concerns and Trump Tariffs

WTI Oil Price Edges Near $67.50 Amid Rising Global Demand Concerns and Trump Tariffs

West Texas Intermediate (WTI) crude oil price continues its upward trend, trading at around $67.40 per barrel during early European morning hours on Thursday, extending its four-day winning streak. Despite this momentum, prices face pressure from growing concerns about global oil demand due to US President Donald Trump's recent tariff announcements.

Trump’s Tariffs Trigger Demand Uncertainty

President Trump issued new tariff demand letters on Wednesday, imposing rates ranging from 20% to 50% on imports from eight countries, effective from August 1. Key tariffs include:

• 50% on Brazil
• 30% on Algeria, Libya, Iraq, and Sri Lanka
• 20% on Philippine products

These measures have fueled fears about a slowdown in global economic growth, potentially dampening oil demand worldwide.

EIA Reports Unexpected Crude Stock Build

Adding to market complexity, the Energy Information Administration (EIA) reported a crude oil stock build of 7.07 million barrels for the week ending July 4, defying expectations of a 2.0 million-barrel decline. This follows a previous build of 3.845 million barrels. However, distillate and gasoline inventories declined, signaling continued strong demand for refined products.

Market Outlook and Key Factors

The balance between rising tariffs, crude inventory builds, and ongoing demand indicators creates a volatile backdrop for WTI oil prices. Traders and investors will closely monitor upcoming economic data and geopolitical developments that could influence WTI price trends in the short term.

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