(Bloomberg) -- Oil pushed lower after US Commerce Secretary Howard Lutnick said the Trump administration could walk back some tariffs on Mexico and Canada, injecting more uncertainty into global markets.
West Texas Intermediate fell below $68 a barrel after losing 3% over the past three sessions. Brent closed near $71 on Tuesday. Lutnick didn't explicitly say what actions President Donald Trump was considering, but discounted the notion the levies would be fully rolled back. He made the comments on Fox.
Crude has trended lower since mid-January as Trump's trade policies raise the prospect of trade wars on multiple fronts, which could hit energy demand. Oil options traders are the most bearish in five months due to concerns about the fallout from US tariffs and OPEC+ plans to revive halted production.
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Trump's levies could result in a redrawing of global crude flows, depending on their final makeup. Mexican oil may be directed to regions such as Asia, tariff-free Latin American grades could head to the US in greater quantities, and US East Coast fuel buyers will need to turn to Europe.
Elsewhere, China set its economic growth goal at about 5% for 2025, according to a government report seen by Bloomberg, raising expectations for officials to unleash more stimulus as they grapple with a US trade war.
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