The oil price is finding support near $74.00 amidst ongoing volatility fueled by President Trump's tariff threats and calls for OPEC to reduce prices. China's economic struggles are also impacting the outlook for oil demand.
The oil price is holding onto key support at $74.00 as investors grapple with President Trump's tariff threats, following his reversal of proposed tariffs on Colombia. US President Trump has urged OPEC to reduce oil prices. Meanwhile, China's weak manufacturing sector activity continues to weigh on the outlook for oil demand. West Texas Intermediate (WTI), futures traded on the NYMEX, is gaining a firm footing near $74.00 in Monday's European session.
The oil price is rising as market sentiment turns optimistic after US President Donald Trump reverses tariff threats against its South American trading partner, Colombia. Trump withdraws the threats after Colombia agrees to return illegal immigrants to the US. Notably, Colombia exports a significant amount of seaborne crude to the US. Technically, this development is negative for the oil price, but it is gaining as the scenario suggests that Trump's tariff threats are less formidable than market participants had anticipated earlier. Last week, Trump also reversed his proposal to impose tariffs on China, stating that he could reach a deal without resorting to hefty tariffs. Market participants anticipate that Trump will continue to utilize tariffs as leverage in negotiations with US trading partners. However, the broader outlook for the US dollar remains uncertain as Trump reiterated his call for OPEC to cut oil prices, a move that would harm Russia's finances and potentially lead to a truce between Russia and Ukraine. 'One way to stop it quickly is for OPEC to stop making so much money and drop the price of oil, and that war will stop right away,' Trump said at the World Economic Forum (WEF) in Davos on Friday.Adding to the complexity, China's economic turmoil continues to weigh on oil demand prospects. The National Bureau of Statistics (NBS) reported that China's Manufacturing Purchasing Managers' Index (PMI) declined to 49.1 in January from 50.1 in December. Economists had projected steady expansion in factory data.
OILPRICE TARIFFS OPEC CHINA DEMAND
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