Oil prices fall as key trade talks fail before tariff deadline
author: Ann
2025-07-24
EU explores countermeasures as prospects for deal with U.S. dim
U.S. and India trade deal also look increasingly unlikely
NEW YORK, July 22 (Reuters) - Oil prices fell for a third straight session on Tuesday as hopes for a trade deal between the United States and Europe faded, fueling concerns about a slowing economy in the world's largest oil market.
Brent crude futures fell 82 cents, or 1.2%, to $68.39 a barrel as of 1:59 p.m. ET. U.S. West Texas Intermediate crude futures for August, due to expire on Tuesday, fell $1.05, or 1.6%, to $66.15 a barrel.
The more actively traded September WTI contract fell 87 cents, or 1.3%, to $65.08 a barrel.
The European Union is exploring a wider range of possible countermeasures against the United States as prospects for an acceptable trade deal with Washington fade, EU diplomats told Reuters.
U.S. President Donald Trump has set an Aug. 1 deadline for countries to reach a trade deal or face steep tariffs. He has threatened to impose a 30% tariff on EU imports if a deal is not reached.
"It appears that tariffs are coming into sharper focus ahead of the U.S. deadline," analysts at energy consultancy Ritterbusch and Associates said in a note.
The prospects for the United States and India to reach an interim trade deal before that deadline have also dimmed, two Indian government sources told Reuters.
Diesel was the biggest loser in the energy sector, reflecting concerns about the economy. The industrial fuel, used mainly in manufacturing, construction and heavy transport, has been the best performer in oil markets in recent weeks as global supplies tighten.
U.S. ultra-low sulfur diesel futures fell nearly 3% to $102.50 a barrel on Tuesday.
U.S. and India trade deal also look increasingly unlikely
NEW YORK, July 22 (Reuters) - Oil prices fell for a third straight session on Tuesday as hopes for a trade deal between the United States and Europe faded, fueling concerns about a slowing economy in the world's largest oil market.
Brent crude futures fell 82 cents, or 1.2%, to $68.39 a barrel as of 1:59 p.m. ET. U.S. West Texas Intermediate crude futures for August, due to expire on Tuesday, fell $1.05, or 1.6%, to $66.15 a barrel.
The more actively traded September WTI contract fell 87 cents, or 1.3%, to $65.08 a barrel.
The European Union is exploring a wider range of possible countermeasures against the United States as prospects for an acceptable trade deal with Washington fade, EU diplomats told Reuters.
U.S. President Donald Trump has set an Aug. 1 deadline for countries to reach a trade deal or face steep tariffs. He has threatened to impose a 30% tariff on EU imports if a deal is not reached.
"It appears that tariffs are coming into sharper focus ahead of the U.S. deadline," analysts at energy consultancy Ritterbusch and Associates said in a note.
The prospects for the United States and India to reach an interim trade deal before that deadline have also dimmed, two Indian government sources told Reuters.
Diesel was the biggest loser in the energy sector, reflecting concerns about the economy. The industrial fuel, used mainly in manufacturing, construction and heavy transport, has been the best performer in oil markets in recent weeks as global supplies tighten.
U.S. ultra-low sulfur diesel futures fell nearly 3% to $102.50 a barrel on Tuesday.
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