Singapore: Oil prices fell on Thursday as market participants interpreted US President Donald Trump's latest tariff announcements as a threat to global economic growth and oil demand.
Brent crude futures fell 22 cents, or 0.31 percent, to USD 69.97 a barrel.
West Texas Intermediate crude in the United States fell 27 cents, or 0.39 percent, to USD 68.11 a barrel.
The decrease in oil prices occurs against the backdrop of increasing trade disputes between the United States and Brazil, with the US president threatening to impose levies of up to 50% on Brazilian shipments to the US market.
In contrast, Brazilian President Luiz Inacio Lula da Silva cautioned that his country may react reciprocally to such enormous levies, which Washington plans to impose as early as next August.
