Energy Preview: WTI crude oil futures drop to 3-week low

WTI crude oil futures tumbled to a three-week low on Tuesday morning in Asia amid persistent uncertainty over US trade negotiations. Moreover, US tariffs on EU imports are expected to begin August 1, raising trade concerns that extend beyond oil. President Donald Trump has threatened to impose 30% tariffs on most EU exports. The counter is currently seen quoting at $65.41 per barrel, down 0.82% on the day. Investor now await the release of the American Petroleum Institute (API) weekly crude oil stock report later on Tuesday for fresh impetus.

Powered by Commodity Insights