Oil prices dropped on Monday due to concerns that President Trump’s tariff policies may slow global economic growth and energy demand. The rally in the dollar index also contributed to the decline. However, prices initially rose on speculation of new sanctions on Russian energy exports before falling. Trade tensions increased with the announcement of 30% tariffs on European Union and Mexico imports. Better-than-expected trade news from China provided some support. OPEC+ is considering pausing production increases to avoid a global oil glut. Heightened tensions in the Middle East also impacted prices. Additionally, a decrease in oil stored on tankers and the latest EIA report on US inventories and production levels were reported.

Read more at Yahoo Finance: Crude Oil Prices Tumble as Trump Remains Patient with Putin