(Bloomberg) — Oil fell as the dollar strengthened and conviction waned that the US will reach agreements with key trade partners ahead of a deadline next week.<\/p>\n
Most Read from Bloomberg<\/p>\n
West Texas Intermediate crude slid almost 1% to trade near $69 a barrel after President Donald Trump said the US has a 50-50 chance of striking a trade deal with Europe, a contrast to the optimism the bloc\u2019s diplomats expressed this week. Trump also said most tariff rates are essentially settled now. The effective US tariff rate is at the highest in a century, by some estimates, a potential threat to energy demand.<\/p>\n
In another headwind, Trump indicated he had no plans to fire Federal Reserve Chair Jerome Powell, boosting the dollar and making the commodities priced in the currency less attractive.<\/p>\n
Crude has remained in a holding pattern this month, but is down for the year as increased supply from OPEC+ adds to concerns of a looming glut. The group will next meet on Aug. 3 to decide on production levels. On Thursday, one member, Venezuela, was given a production reprieve by a US decision to let Chevron resume pumping oil in the country.<\/p>\n
\u201cWe expect crude to slowly sell off this fall, driven by steady acceleration of stock builds, softening physical markets, reduced refinery margin support and continued deescalation of geopolitically driven supply risk,\u201d Macquarie Group analysts including Vikas Dwivedi wrote in a note.<\/p>\n
–With assistance from Alex Longley.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Oil fell as the dollar strengthened and conviction waned that the US will reach agreements with…\n","protected":false},"author":2,"featured_media":291016,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5311],"tags":[3662,6202,49,978,659],"class_list":{"0":"post-291015","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-states","8":"tag-bloomberg","9":"tag-president-donald-trump","10":"tag-united-states","11":"tag-us","12":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114914792870395879","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/291015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=291015"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/291015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/291016"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=291015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=291015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=291015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}