Oil prices dropped by $2 on Thursday after U.S. President Donald Trump announced new tariffs.
According to Bloomberg News, Brent crude futures fell by $1.97, reaching $72.98 per barrel, while West Texas Intermediate (WTI) crude futures dropped by $1.98, settling at $69.73 per barrel.
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The decline in prices was also supported by data from the U.S. Energy Information Administration (EIA) released on Wednesday, which showed a significant rise in U.S. crude inventories, increasing by 6.2 million barrels last week, compared to analysts' expectations of a 2.1 million barrel decrease.
