Singapore April 30 2025: Oil prices edged lower in early Asian trading on Wednesday as President Donald Trump’s erratic tariff policies raised concerns about weakening global economic growth and fuel demand.
Brent crude futures fell by 64 cents, or 1.00%, to $63.61 per barrel by 0315 GMT. U.S. West Texas Intermediate crude futures dropped 71 cents, or 1.18%, to $59.71 a barrel. Both benchmarks posted their lowest settlement prices since April 10 in the previous session.
Trump’s tariffs on imports into the U.S. have made it probable the global economy will slip into recession this year, according to a Reuters poll.
China, hit with the steepest tariffs, has responded with its own levies against U.S. imports, stoking a trade war between the top two oil-consuming nations.
Worries about demand amid the trade war has weighed on investor sentiment, said ANZ bank senior commodity strategist Daniel Hynes. “There are also concerns that recent strength in U.S. economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating,” he added.
