Energy Preview: WTI crude oil at one-week low

Crude oil prices linger around a one-week low at $67.21 per barrel on Monday morning in Asia, having slumped by nearly 3% on Friday, as demand concerns due to potentially reduced consumption in oil and energy increased amid a new tariff regime kickstarted by the US government. US President Donald Trump reordered the global economy by signing an executive order to impose new tariffs on 69 countries trading with the US, with levies ranging anywhere from 15% to 41%. The tariffs are set to take effect from August 7 to give room for officials to prepare for the tax collections. Baker Hughes Company data revealed that crude oil rigs in the US decreased to 410 from 415 in the previous week and total rigs in the US decreased to 540 in the week ended August 1 from 542. Meanwhile, OPEC+ member-nations are meeting on August 3 to decide on the unwinding of the production cuts further. The earlier 548,000 barrels per day September target remains in place. WTI Crude Oil for September delivery was last seen trading down by 2.89% at $67.26 per barrel.

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