COMMODITY
Crude oil futures end lower amid demand concerns
Aug-02-2025

Crude oil futures closed lower on Friday, amid demand concerns due to potentially reduced consumption in oil and energy amid a new tariff regime kickstarted by the US government. US President Donald Trump reordered the global economy by signing an executive order to impose new tariffs on 69 countries trading with the US, with levies ranging anywhere from 15% to 41%. The tariffs are set to take effect from August 7 to give room for officials to prepare for the tax collections. Meanwhile, OPEC+ member-nations are meeting on August 3 to decide on the unwinding of the production cuts further. The earlier 548,000 barrels per day September target remains in place.

Benchmark crude oil futures for September decreased $1.93 or about 2.79% at $67.33 a barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $2.03 or 2.83% to settle at $69.67 a barrel on London's Intercontinental Exchange.

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