COMMODITY
Crude oil futures end lower as traders await weekly oil reports from API, EIA
Feb-05-2025

Crude oil futures ended lower on Tuesday after U.S. President Donald Trump agreed to postpone levies on Canada and Mexico's exports to the United States for 30 days. Meanwhile, the Trump administration imposed 10% tariffs on imports from China, and the latter retaliated with tariffs of up to 15% on American goods and export controls on strategic materials, including tungsten and tellurium. However, upside remained as Trump said he plans to restore maximum pressure on Iran, aiming to cut down Iranian oil exports to zero. Besides, traders now await weekly oil reports from the American Petroleum Institute (API). and the Energy Information Administration (EIA).

Benchmark crude oil futures for March fell $0.46 or 0.63 percent to settle at $72.70 a barrel on the New York Mercantile Exchange. However, Brent crude for April delivery rose $0.24 or 0.32 percent to settle at $76.20 a barrel on London's Intercontinental Exchange.


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