New York: Oil prices eased today after surging the day before as worries about the impact of intensifying tariff wars on global economic growth and energy demand outweighed the positive sentiment from a larger-than-expected draw in US gasoline stocks. Brent futures fell 7 cents, or 0.1%, to $70.88 a barrel, while US West Texas Intermediate crude futures shed 11 cents, or 0.2%, to $67.57 a barrel.
According to Oman News Agency, both benchmarks rallied about 2% yesterday as US government data showed tighter-than-expected oil and fuel inventories. The market’s initial optimism was dampened by the escalating tensions in global trade, which raised concerns about potential slowdowns in economic growth and energy consumption worldwide.