Nifty Market Tips : Oil prices fall as Cohn departure raises trade war fears
Oil prices fell on Wednesday, pulled down by weaker sharemarkets after a key advocate for free trade in the US government resigned, triggering concerns that Washington would go ahead with import tariffs and risk a trade war. Soaring US crude oil production and rising inventories were also weighing on crude prices, traders said.
ary Cohn, the economic adviser to US President Donald Trump, seen as a bulwark against protectionist forces within the government, said on Tuesday he was resigning, triggering a more than 1 percent fall in S&P 500 futures in early Wednesday trade. Crude oil futures followed suit.
Brent crude futures were at $65.37 per barrel at 0149 GMT, down 42 cents, or 0.6 percent from their previous close. US West Texas Intermediate (WTI) crude futures were at $62.16 a barrel, down 44 cents, or 0.7 percent.
A voice for Wall Street in the White House, Cohn’s move to resign came after he lost a fight over Trump’s plans for hefty steel and aluminum import tariffs.
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