by Leila Kirni
Oil prices fell slightly on Tuesday as concerns about the impact of global developments were greater than concerns about the threat posed by US President Donald Trump’s threats to impose side tariffs on Russian and Iranian crude oil.
Brent Futures poured 10 cents or 0.1 percent to $74.67 a barrel at 0013 GMT, while the future of the central West Texas central raw in the United States has lost 11 cents or 0.1 percent, to be decided to $71.37 after rising to five weeks.
In a Reuters survey of 49 economists and analysts in March expected oil prices to remain under pressure this year due to US tariffs and economic slowdown in India and China, while OPEC+ will increase supply.
The slowdown in global growth will make it demand for fuel, which may compensate any deficiency in supply due to Trump’s threats to bombard Iran and impose side taxes on Russian oil buyers.
After the news of Trump’s threats initially raised prices on Monday, traders told Reuters that they had at least regarded the president’s warnings as a bluff.
Trump told NBC News on Sunday that he was very angry with Russian President Vladimir Putin and imposed a 25 percent to 50 percent sub-tail on Russian oil buyers, which Moscow is trying to prevent attempts to end the war in Ukraine.
Taxes on oil buyers in Russia, the world’s second-largest oil exporter, disrupts the supply of the world and harms Moscow’s largest buyers, China and India.
Trump also threatened Iran that if Tehran did not reach an agreement with the White House on its nuclear program, it would have imposed similar taxes and explosions in Iran.
The market is monitoring the weekly infoone in the US Industrial Group, which is scheduled to be released on Wednesday on Wednesday. (Api/S)
Five analysts who participated in the survey by Reuters estimated that US crude oil warehouses fell by about 2.1 million barrels a week to March 28.
(Report by Leila Kirni in New York; Editing by Sonali Paul)