Oil is declining amid concern about the impact of customs duties on the global economy

Oil prices fell today, Thursday, after their rise in the previous day, as fears of the impact of the virtuous customs war war on global economic growth and energy demand on the positive morale resulting from a greater decrease in US gasoline stocks.

Brent crude futures decreased seven cents, or 0.1 percent, to $ 70.88 a barrel, while US West Texas Intermediate crude futures fell 11 cents, or 0.2 percent to record $ 67.57 a barrel.

The crude rose by two percent yesterday, Wednesday.

US Energy Information Administration data showed the rise in crude oil stocks in the American strategic reserve to its highest level since 2022.