SINGAPORE: Oil prices ticked higher on Monday even as investors weighed US President Donald Trump’s latest tariff threat, this time on all steel and aluminium imports, which could dampen global economic growth and energy demand.
Brent crude futures climbed 51 cents, or 0.7 per cent, to $75.17 a barrel by 0444 GMT while US West Texas Intermediate crude was at $71.45 a barrel, up 45 cents, or 0.6pc. The market posted its third consecutive weekly decline last week on concerns about a global trade war.
Trump said he will announce 25pc tariffs on all steel and aluminium imports into the US.
Just a week ago, the president announced tariffs on Canada, Mexico and China, but suspended those for the neighbouring countries the next day. Investors appeared to be shrugging off the steel and aluminium tariff threat for now, Tony Sycamore, a Sydney-based analyst at IG said.
Published in Dawn, February 11th, 2025