WASHINGTON (dpa-AFX) - Oil prices traded lower on Thursday as tariff uncertainty clouded the outlook for fuel demand.
A decline in the dollar index in the face of global growth risks and Fed policy uncertainty helped limit overall losses.
The U.S. dollar slipped from a two-week high versus major peers amid tariff chaos and expectations of trade deals with the major economies, like India and the European Union.
Benchmark Brent crude futures dipped 0.4 percent to $69.94 a barrel in European trade despite rising geopolitical tensions in the Red Sea and a forecast for reduced U.S. output. WTI crude futures were down 0.7 percent at $67.93.
Investors fretted about the global economic outlook as U.S. President Donald Trump escalated his trade offensive.
After threatening tariffs on copper and pharma, Trump upped the stakes in his global trade war with a fresh round of tariffs on imports from eight nations.
He imposed a 50 percent tariff on Brazilian imports over Jair Bolsonaro's prosecution, prompting sharp retaliation from President Lula.
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