Oil Prices Decline Amid Unclear US Trade Policy

(MENAFN) Crude oil prices experienced a slight decline on Monday, influenced by contradictory developments surrounding U.S. trade policy. However, the depreciation of the U.S. dollar played a role in preventing a more significant downturn in oil values.

The global benchmark, Brent crude, slipped approximately 0.2 percent, trading at USD64.13 per barrel as of 10:10 a.m. local time (0710 GMT). This marked a slight drop from its prior closing figure of USD64.26.

Similarly, the American benchmark, West Texas Intermediate, declined by nearly 0.25 percent, reaching USD60.81 per barrel, down from its earlier close of USD60.96.

Hopes for easing trade tensions between the U.S. and China were briefly lifted when U.S. Customs and Border Protection released a statement on Friday.

The announcement seemed to imply that electronic devices were excluded from a proposed 145 percent levy on Chinese imports, prompting optimism that consumer electronics might avoid steep duties.

Nonetheless, Commerce Secretary Howard Lutnick attempted to dispel this optimism on Sunday. He clarified that electronics had not received a lasting exemption.

Instead, they would likely be included under newly planned semiconductor-specific levies within the next couple of months, as part of a more comprehensive policy approach.

Adding to the confusion, United States Leader Donald Trump contradicted claims that his administration had made an exception for electronics such as smartphones and semiconductors.

These assertions had emerged late the previous week, suggesting that tech gadgets might be excluded from major retaliatory tariffs.

"These products are subject to the existing 20 percent fentanyl tariffs—they are just moving to a different Tariff ‘bucket’," Trump posted on his Truth Social account on Sunday.

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