Oil prices fell from a one-month high on Thursday as the announcement of auto tariffs by U.S. President Donald Trump stoked worries about global growth and the likely impact on fuel demand.
Benchmark Brent crude futures dipped half a percent to $72.72 a barrel in European trade while WTI crude futures were down 0.6 percent at $69.25.
Both benchmarks rose by around 1 percent on Wednesday, buoyed by data showing a decline in U.S. inventories and renewed efforts from the U.S. to limit Venezuelan and Iranian oil exports.
A government report showed U.S. crude inventories fell the most since December, signaling healthy demand for fuel in the world's largest economy.
Oil prices reversed some of the previous session's gains today as Trump ratcheted up transatlantic trade tensions by announcing a new 25-percent tariff on all auto imports.
Analysts said Trump's auto tariff threat will disrupt global trade and underpin local inflation.
European Commission President Ursula von der Leyen described the move as "bad for businesses, worse for consumers," while Canadian Prime Minister Mark Carney labelled it a "direct attack" on Canadian workers.
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Market Analysis
December 12, 2025 15:14 ET Central bank decisions dominated the economic news flow this week led by the Federal Reserve. Trade data from the U.S. also gained attention. The Canadian and Swiss central banks also announced their interest rate decisions. Inflation data from China was in focus as the country released the latest consumer price and producer price data.