Oil has fallen almost a fifth from a high in mid-January as Trump’s chaotic rollout of tariff hikes and push to slash federal spending darken the economic outlook in the biggest producer and consumer of crude. Other bearish factors include OPEC+ plans to add supply and weakening demand in China, where Beijing told refiners to pivot away from making mainstay fuels like diesel and gasoline.
Monday’s flight to safety also saw the US dollar snap a five-day losing streak, making commodities priced in the currency less attractive for many buyers.Meanwhile, US Energy Secretary Chris Wright said the Trump administration was prepared to enforce US sanctions on Iranian oil production. He spoke at the CERAWeek by S&P Global conference in Houston on Monday.
Executives from some of the world’s top oil and gas producers — including Chevron Corp., Shell Plc and Saudi Aramco — offered full-throated support for President Trump’s energy-dominance agenda at the gathering. Vitol Group Chief Executive Officer Russell Hardy said oil between $60 to $80 a barrel is a “reasonable” range for the next few years.
Also Read: Stock selloff extends to Asia on growth concerns
