Oil prices dipped in Asian trade on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump’s proposed tariffs and energy policies would impact global economic growth and energy demand.
Brent crude futures fell 26 cents, or 0.3%, to $78.74 a barrel at 0427 GMT, while U.S. West Texas Intermediate crude (WTI) eased 23 cents, or 0.3%, to $75.21.
In the prior session, Brent futures settled at $79.00 in a fifth straight day of losses and WTI futures settled at $75.44 in a fourth consecutive day of declines.
“Oil markets have given back some recent gains due to mixed drivers,” said senior market analyst Priyanka Sachdeva at Phillip Nova.
“Key factors include expectations of increased U.S. production under President Trump’s pro-drilling policies and easing geopolitical stress in Gaza, lifting fears of further escalation in supply disruption from key producing regions.
“The broader economic implications of U.S. tariffs could further dampen global oil demand growth, she added. Trump has said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine.
He added these could be applied to “other participating countries” as well.
