INSUBCONTINENT EXCLUSIVE:
The Wall Street Journal reported a tumultuous day for oil markets on Friday
Crude futures closed lower amid volatile trading
The White House confirmed new tariffs on Mexico, Canada, and China starting Saturday.Investors worry about the impact on commodity prices
WTI crude for March delivery fell 0.27% to $72.53 per barrel on the New York Mercantile Exchange.Brent crude for April dropped 0.28% to
$75.53 per barrel on the Intercontinental Exchange
Weekly losses for WTI and Brent reached 2.85% and 2.42% respectively
Monthly prices declined about 0.28%.Oil prices plunged early afternoon following a Reuters report
Sources claimed tariffs on U.S
neighbors would start March 1st, with exemptions possible
Major Wall Street banks raised their oil price forecasts for the year
Goldman Sachs, JPMorgan, and Morgan Stanley cited growing uncertainties about U.S
trade and energy policies.Oil Prices Down as US Tariffs Loom, Sparking Market Volatility
(Photo Internet reproduction)A compiled survey showed higher predictions for both Brent and WTI crude
Analysts now expect Brent crude to average $73.01 per barrel, up from $71.57 previously forecast.WTI crude is projected at $68.96, increased
First-quarter predictions for Brent and WTI stand at $75.33 and $71.22 per barrel respectively.President Trump is set to make a specific
decision on Canadian and Mexican oil tariffs today
This move could further influence market dynamics and investor sentiment in the coming weeks.The oil market remains on edge as geopolitical
tensions and trade disputes continue to shape the global economic outlook
Traders are closely watching for any signs of demand shifts or supply disruptions that could impact prices.
