Oil surges as U.S. court blocks Trump’s global tariffs, declares them illegal
MG News | May 29, 2025 at 01:18 PM GMT+05:00
May 29, 2025 (MLN): Oil surged after a US trade court blocked President Donald Trump’s global tariffs, deeming the levies illegal.
West Texas Intermediate rose above $66.08 a barrel as of [1:10 pm] after advancing 1.82% in the previous session. Brent closed near $65 on Wednesday.
Trump’s sweeping tariffs and retaliatory measures by targeted countries have rattled global markets and raised concerns over an economic slowdown. The ruling can be appealed.
Oil has trended lower since mid-January on concerns around the fallout from Trump’s tariffs, with the revival of idled production by OPEC+ adding to bearish headwinds.
Key members of the group meet on Saturday to decide output policy for July, and there are expectations for another large supply hike.
US crude stockpiles, meanwhile, dropped by 4.2 million barrels last week, the American Petroleum Institute reported, according to a document seen by Bloomberg. Official data is due later Thursday
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