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       NEW YORK: Oil prices fell about three per cent to a two-week low on Tuesday as investors braced for Opec+ to boost output and worried US President Donald Trump’s tariffs would hit the global economy and slow demand for the fuel.

       Brent crude futures fell by $1.70, or 2.6pc, to $64.16 per barrel at 1:34 p.m. EDT (1734 GMT). US West Texas Intermediate crude dropped by $1.55, or 2.5pc, to $60.50.

       Both benchmarks were on track for their lowest closes since April 10.

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       Trump’s aggressive tariffs on imports into the US have made it probable the global economy will slip into recession this year, according to a majority of economists in a Reuters poll.

       China, hit with the steepest tariffs, has responded with its own levies against US imports, stoking a trade war between the top two oil-consuming nations. Analysts have sharply lowered their oil demand and price forecasts.

       “Trade between China and the US has slowed to a semi-embargo type flow. Every day that passes without some kind of deal with any of our significant trade partners brings us one day closer to a global demand destruction situation,” Bob Yawger, director of energy futures at Mizuho, said in a note.

       The US trade deficit in goods widened to a record high in March as businesses ramped up efforts to bring in merchandise ahead of Trump’s sweeping tariffs, suggesting trade was a large drag on economic growth in the first quarter.

       Published in Dawn, April 30th, 2025