in the middle of Thursday’s trading session, following strong gains on Wednesday following Trump’s decision to suspend tariffs. The price resumed its negative trend this morning, coinciding with the escalation of trade tensions between China and the United States. Nymex crude oil fell by approximately 2.34% to $60.89 a barrel, while Brent crude oil fell by approximately 2.28% to $63.99 a barrel.
Late Wednesday, the US president announced a 90-day suspension of high tariffs on dozens of countries. He also announced that he would raise tariffs on China to 125% from 104%, effective immediately. This followed China’s increase of tariffs on US goods to 84%, which supported crude prices during the session before they resumed declines today as tensions escalated between the world’s two largest economies.
These decisions directly impact crude demand and fuel consumption in the world’s largest oil importer, which in turn impacts crude prices.
Meanwhile, China’s imports of Iranian oil rose by 1.8 million barrels in March, reaching an all-time high, raising storage levels in Shandong Province amid rising concerns about the impact of US tariffs on supplies.
The U.S. Energy Information Administration’s report released Wednesday showed a 2.6 million barrel increase in inventories last week, ending April 4, compared to expectations of a 2.1 thousand barrel increase. Gasoline inventories fell by about 1.6 million barrels, while distillate inventories, which include heating oil and diesel, also fell by about 3.5 million barrels.
13/04/2025
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