Oil benchmarks Brent and WTI prices held steady on Wednesday as investors closely monitored President Donald Trump’s proposed tariffs and national energy emergency.
Brent crude futures were 18 cents lower at $79.11 per barrel, while US West Texas Intermediate crude futures edged down 18 cents to $75.65.
Trump announced plans for a 10% tariff on Chinese goods starting February 1, sparking concerns about the impact on energy markets. Analysts warn that tariffs could moderate demand for refined products, rather than significantly affecting near-term production growth.
A rare winter storm hit the US Gulf Coast, causing an interruption at a Texas oil refinery and reducing North Dakota’s oil production by 130,000 to 160,000 barrels per day.
Source: https://www.reuters.com/markets/commodities/oil-prices-steady-investors-debate-trump-20-policies-2025-01-22