Oil prices were edging lower in early trade amid U.S. President Donald Trump’s call for OPEC to cut prices and swift trade moves rattling markets.
Brent crude and WTI were both down 0.2% to $77.39 and $74.53 a barrel, respectively. The benchmarks pared deeper intraday losses after Trump reversed plans to slash 25% tariffs and economic sanctions on Colombia over a dispute on migrants.
“The tariff story has become an increasing concern for the market,” ING analysts said. “Colombia is the fourth largest supplier of crude oil to the U.S., exporting a little more than 200,000 barrels a day.”
Prices are also pressured by China’s manufacturing activity unexpectedly contracting in January—a sign that additional policy measures are needed to stabilize economic growth, according to market watchers.