Doha: Oil prices eased on Tuesday from a two-week high reached during the previous session after the US and China agreed to temporarily slash tariffs. Brent crude futures dropped 14 cents, or 0.2%, to $64.82 per barrel. US West Texas Intermediate (WTI) crude fell 13 cents, or 0.2%, to $61.82.
According to Qatar News Agency, both benchmarks closed about 1.5% higher on Monday at their steepest settlements since April 28. The gains come during a turbulent time for global oil markets. The agreement between the US and China has provided a momentary relief in the market, influencing the recent fluctuations in oil prices.
The temporary tariff cut is part of ongoing efforts to stabilize the economic tensions between the two countries. This development has been closely watched by traders and analysts, as it has significant implications for global trade and economic growth. The agreement is expected to have a ripple effect on various sectors, including energy, manufacturing, and technology.
The easing of oil prices also reflects broader market sentiments, as investors weigh the impact of the tariff adjustments against other global economic indicators. Despite the recent gains, the oil market remains susceptible to geopolitical developments and shifts in supply and demand dynamics.