West Texas Intermediate (WTI) crude oil has been struggling lately, breaking below critical support levels, and experts are taking notice.
According to Adam Turnquist, chief technical strategist for LPL Financial, “Oil has struggled recently as tariff-related demand concerns weigh on risk appetite.”
Tariff Woes Weigh On Oil Prices
The U.S. government’s recent 10% tariff on oil imports, combined with China’s retaliatory 125% tariff on U.S. goods (including oil), has spooked markets, fueling fears of reduced global oil demand.
The impact of the tariff tensions is evident in the International Energy Agency’s (IEA) decision to cut its 2025 demand growth forecast by 300,000 barrels per day to just 730,000.
Turnquist noted, “The White House’s recent tariff of 10% on oil imports … and China’s retaliatory tariffs on …