The day before President Trump’s August 1 tariff deadline, crude oil prices fell by 1%.
It seems the uncertainty of some countries who have not negotiated a trade deal with the U.S. affected investors. The White House intended Thursday to reach out to those countries. So far, two-thirds of the nation’s top 18 trade partners have cut tariff deals.
West Texas Intermediate crude for September finished down 74 cents or 1.06% and closed at $69.26, slipping under the more than $70 a barrel closing recorded Wednesday on the New York Mercantile Exchange.
Brent crude, the global standard closed down 71 cents or 0.97% at $72.53 a barrel.
Thursday’s trading saw most Oklahoma energy stocks end the day with losses.
Empire Petroleum led the way with a decline of more than 4% and Vital Energy was pushing with a nearly 4% drop for the day.