Global Crude Oil Prices Drop Amid US Economic Slowdown

Global crude oil prices fell on Friday over global economic growth, fuel demand, and signs of a US economic slowdown. The Brent crude oil prices slipped 59 cents, or 0.8%, to 72.98 dollars a barrel. US crude fell 65 cents, or 0.9%, to 69.70 dollars a barrel. Factors, including expectations of economic slowdown in the US, tariffs, OPEC+ plans to increase supply in April, and the possibility of peace in Ukraine, which could make more Russian oil available, have curbed



investors’ risk appetite.

US President Donald Trump yesterday said his proposed 25% tariffs on Mexican and Canadian goods will take effect on March 4, along with an extra 10% duty on Chinese imports. Also weighing on investor sentiment, data showed US jobless claims jumped more than expected in the previous week, while another government report provided further evidence economic growth slowed in the fourth quarter.