West Texas Intermediate (WTI) experienced significant selling pressure following the announcement of reciprocal tariffs by the US administration. This decline was compounded by Wednesday’s bearish Energy Information Administration (EIA) report, which indicated a substantial increase of 6.2 million barrels in US crude inventories. A broadly weaker US Dollar provided some support to oil prices, mitigating further losses. WTI found support near the $69.00 level and is currently trading around $69.65, reflecting a daily decrease of over 1%. Concerns regarding the potential impact of escalating trade tensions on global economic growth and fuel demand, triggered by the tariffs, contributed to the downward pressure on crude oil prices.
