Oil Prices Drop … Brent Crude Reaches $73.68

Oil prices fell on Thursday as traders assessed declining crude supplies, along with new U.S. tariffs, and their potential impact on the global economy.

Brent crude futures fell 11 cents to $73.68 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 3 cents to $69.62.

On Wednesday, oil prices rose about 1% to their highest levels since February.

Latest Oil Prices

WTI Crude $69.87  -0.07%

Brent Crude $73.97  -0.08%

Murban Crude $75.48  +0.51%

Louisiana Light $73.05  +2.56%

Bonny Light $78.62  -2.84%

Mars US $72.90  -1.51%

Gasoline $2.246  -0.04%

Natural Gas $3.950  +2.31%

Market participants were assessing the risks of an escalating trade war. U.S. President Donald Trump on Wednesday unveiled his plan to implement 25% tariffs on imported cars and light trucks starting next week, while tariffs on auto parts would begin on May 3.

"The biggest obstacle facing oil right now is concerns about tariffs, and tariffs could slow demand," said Phil Flynn, senior analyst at Price Futures Group.

On Tuesday, Trump imposed new 25% tariffs on potential buyers of Venezuelan oil.

Sources reported on Wednesday that India's Reliance Industries, operator of the world's largest refining complex, would halt imports of Venezuelan oil following the tariff announcement.