Oil prices resume decline after Wednesday's rise, Brent loses four percent

Oil prices today resumed their decline after a sharp rise on Wednesday, which followed US President Donald Trump's decision to suspend higher tariffs on imports into the United States from all countries except China. North Sea Brent crude was down around four percent shortly before 16:30 CEST, trading near 63 dollars a barrel. US light crude West Texas Intermediate (WTI) was down around 4.4 percent and had fallen back below 60 dollars a barrel.

On Wednesday, Trump suspended for 90 days the higher import tariffs he calls reciprocal. Only 10 percent import tariffs therefore remain in force. By contrast, Trump raised tariffs on China from 104 to 125 percent. He also said that the United States could reach tariff agreements with all its partners, including China.

Oil prices rose by more than four percent on Wednesday. However, concerns persist in the oil market that the trade conflict between the United States and China could significantly undermine economic growth, negatively affecting demand for motor fuels.

Ashley Kelty, an analyst at Panmure Liberum, said the trade conflict between the United States and China was keeping uncertainty about the outlook for oil demand high. „Volatility remains high, and it is difficult to predict where oil prices might settle in the near term,“ he added.

Oil prices in dollars per barrel (about 159 litres):