US Oil Steadies in the $60s as Dour Economic Sentiment Weighs
(Bloomberg) -- Oil traded slightly lower as US President Donald Trump delayed plans to impose tariffs on Canada and Mexico, while easing geopolitical tensions raised the prospect of an increase in global crude supply.
The Trump Administration Takes Aim at Transportation Research
NYC's Congestion Pricing Pulls In $48.6 Million in First Month
Shelters Await Billions in Federal Money for Homelessness Providers
New York's Congestion Pricing Plan Faces Another Legal Showdown
NYC to Shut Migrant Center in Former Hotel as Crisis Eases
West Texas Intermediate futures pared losses to trade near $69 a barrel after briefly dipping as much as 0.8%. Trump pushed back the deadline for levies on imports from the major US trading partners, which were set to go into effect next month, to April 2.
The White House also confirmed plans for Ukrainian President Volodymyr Zelenskiy to visit the US, signaling to traders that Russia's crude may flow more freely in the near future if a peace deal is reached, while Iraq reached a pact with the Kurdistan region to resume oil exports.
Oil's slide was limited by a bullish government report Wednesday that showed US oil inventories dropped 2.33 million barrels, the biggest decline in two months and a steeper drop than the 600,000-barrel decrease projected by an industry group.
Crude has dropped about 5% this month as Trump's aggressive moves on trade stoked investor anxiety at a time when traders were already concerned about lackluster consumption in China. The diesel market is also showing signs of US demand weakness, with futures for the fuel sinking as much as 3% after inventories swelled the most since early January.
'Trump actions are hurting consumer and business confidence, which again will weaken actual consumption,' said Bjarne Schieldrop, chief commodities analyst at SEB AB.
The uncertainties over tariffs have eclipsed the lift from fresh sanctions against Iranian flows, as well as expectations that OPEC+ will once again defer a plan to progressively raise output, currently slated to start in April.
'Tariffs and counter-tariffs have the potential to weigh on the oil-intensive part of the economy, which creates uncertainty over demand,' Morgan Stanley analysts including Martijn Rats said in a note. 'We expect OPEC to extend its current quota beyond April, likely keeping production broadly stable.'
Trading volumes were muted with some market participants attending International Energy Week in London, a major industry gathering, where they are set to weigh the outlook for oil this year.
To get Bloomberg's Energy Daily newsletter in your inbox, click here.
Trump's SALT Tax Promise Hinges on an Obscure Loophole
Walmart Wants to Be Something for Everyone in a Divided America
Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience
China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction
Meet Seven of America's Top Personal Finance Influencers
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Los Angeles Times
15 minutes ago
- Los Angeles Times
The legal issues raised by Trump sending the National Guard to L.A.
The Trump administration announced Saturday that National Guard troops were being sent to Los Angeles — an action Gov. Gavin Newsom said he opposed. President Trump is activating the Guard by using powers that have been invoked only rarely. Trump said in a memo to the Defense and Homeland Security departments that he was calling the National Guard into federal service under a provision called Title 10 to 'temporarily protect ICE and other United States Government personnel who are performing Federal functions.' Title 10 provides for activating National Guard troops for federal service. Such Title 10 orders can be used for deploying National Guard members in the United States or abroad. Erwin Chemerinsky, one of the nation's leading constitutional law scholars, said 'for the federal government to take over the California National Guard, without the request of the governor, to put down protests is truly chilling.' 'It is using the military domestically to stop dissent,' said Chemerinsky, dean of the UC Berkeley School of Law. 'It certainly sends a message as to how this administration is going to respond to protests. It is very frightening to see this done.' Tom Homan, the Trump administration's 'border czar,' announced the plan to send the National Guard in an interview on Fox News on Saturday as protesters continued confronting immigration agents during raids. 'This is about enforcing the law,' Homan said. 'We're not going to apologize for doing it. We're stepping up.' 'We're already ahead of the game. We were already mobilizing,' he added. 'We're gonna bring the National Guard in tonight. We're gonna continue doing our job. We're gonna push back on these people.' Newsom criticized the federal action, saying that local law enforcement was already mobilized and that sending in troops was a move that was 'purposefully inflammatory' and would 'only escalate tensions.' The governor called the president and they spoke for about 40 minutes, according to the governor's office. Critics have raised concerns that Trump also might try to invoke the Insurrection Act of 1807 to activate troops as part of his campaign to deport large numbers of undocumented immigrants. The president has the authority under the Insurrection Act to federalize the National Guard units of states to suppress 'any insurrection, domestic violence, unlawful combination, or conspiracy' that 'so hinders the execution of the laws' that any portion of the state's inhabitants are deprived of a constitutional right and state authorities are unable or unwilling to protect that right. The American Civil Liberties Union has warned that Trump's use of the military domestically would be misguided and dangerous. According to the ACLU, Title 10 activation of National Guard troops has historically been rare and Congress has prohibited troops deployed under the law from providing 'direct assistance' to civilian law enforcement — under both a separate provision of Title 10 as well as the Posse Comitatus Act. The Insurrection Act, however, is viewed as an exception to the prohibitions under the Posse Comitatus Act. In 1958, President Eisenhower invoked the Insurrection Act to deploy troops to Arkansas to enforce the Supreme Court's decision ending racial segregation in schools, and to defend Black students against a violent mob. Hina Shamsi, director of the ACLU's National Security Project, wrote in a recent article that if Trump were to invoke the Insurrection Act 'to activate federalized troops for mass deportation — whether at the border or somewhere else in the country — it would be unprecedented, unnecessary, and wrong.' Chemerinsky said invoking the Insurrection Act and nationalizing a state's National Guard has been reserved for extreme circumstances where there are no other alternatives to maintain the peace. Chemerinsky said he feared that in this case the Trump administration was seeking 'to send a message to protesters of the willingness of the federal government to use federal troops to quell protests.' In 1992, California Gov. Pete Wilson requested that President George H.W. Bush use the National Guard to quell the unrest in Los Angeles after police officers were acquitted in the beating of Rodney King. That was under a different provision of federal law that allows the president to use military force in the United States. That provision applies if a state governor or legislature requests it. California politics editor Phil Willon contributed to this report.
19 minutes ago
Trump attends UFC championship fight in NJ, taking a break from politics, Musk feud
NEWARK, N.J. -- President Donald Trump walked out to a thunderous standing ovation just ahead of the start of the UFC pay-per-view card at the Prudential Center on Saturday night, putting his public feud with tech billionaire Elon Musk on hold to instead watch the fierce battles inside the cage. Trump was accompanied by UFC President Dana White and the pair headed to their cageside seats to Kid Rock's 'American Bad Ass.' Trump and White did the same for UFC's card last November at Madison Square Garden, only then they were joined by Musk. Trump shook hands with fans and supporters — a heavyweight lineup that included retired boxing champion Mike Tyson — on his way to the cage. Trump was joined by his daughter Ivanka Trump and her husband, Jared Kushner, along with son Eric Trump and Secretary of State Marco Rubio. Trump shook hands with the UFC broadcast team that included Joe Rogan. Rogan hosted Trump on his podcast for hours in the final stages of the campaign last year. UFC fans went wild for Trump and held mobile devices in their outstretched arms to snap pictures of him. Trump arrived in time for the start of a card set to include two championship fights. Julianna Peña and Merab Dvalishvili were scheduled to each defend their 135-pound championships. UFC fighter Kevin Holland won the first fight with Trump in the building, scaled the cage and briefly chatted with the President before his post-fight interview.
Yahoo
23 minutes ago
- Yahoo
LA immigration protests live updates: Trump deploys 2,000 National Guard members
The Trump administration is deploying the California National Guard in response to protests in Los Angeles that begin Friday evening over immigration enforcement operations that have resulted in some clashes between demonstrators and authorities, the White House said in a statement. President Donald Trump signed a memorandum "deploying 2,000 National Guardsmen to address the lawlessness" in California as demonstrations opposing Immigration and Customs Enforcement operations continue in the state, White House Press Secretary Karoline Leavitt said in a statement Saturday evening. Earlier Saturday, California Gov. Gavin Newsom said the federal government was moving to "take over the California National Guard," calling the move "purposefully inflammatory" and saying it will "only escalate tensions."Jun 7, 11:07 PMHegseth says National Guard being mobilized immediately, active-duty Marines on 'high alert' Defense Secretary Pete Hegseth said the Defense Department is "mobilizing the National Guard IMMEDIATELY to support federal law enforcement in Los Angeles."Hegseth said if violence continues, "active duty Marines at Camp Pendleton will also be mobilized — they are on high alert." Jun 7, 11:07 PMTrump memo deploying National Guard calls LA protests 'rebellion' The memo that President Donald Trump signed Saturday night directing the National Guard to California said that the current protests "constitute a form of rebellion against the authority of the Government of the United States."Trump utilized his authority under "10 U.S.C. 12406 to temporarily protect ICE and other United States Government personnel," according to the presidential memorandum also said that the 2,000 service members could be deployed for 60 days or "at the discretion" of the defense memo adds that the secretary of defense "may employ any other members of the regular Armed Forces as necessary to augment and support the protection of Federal functions and property in any number determined appropriate in his discretion."-ABC News' Michelle Stoddart Click here to read the rest of the blog.
