Oil prices fall amid concerns over impact of tariffs on global economy

Oil prices fell on Thursday after rising the previous day, as concerns about the impact of the escalating tariff war on global economic growth and energy demand overshadowed positive sentiment stemming from a larger-than-expected drop in U.S. gasoline inventories.

Brent crude futures fell about 0.08% to $70.89 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 0.15% to $67.58 a barrel.

Both crudes rose about 2% on Wednesday.

U.S. Energy Information Administration data showed that crude oil inventories in the U.S. Strategic Petroleum Reserve rose to their highest level since 2022.