Crude oil and gasoline prices fell on Thursday due to dollar strength and concerns about US tariff policies impacting global economic growth and energy demand. This is in contrast to Wednesday’s bullish global economic news, which supported energy demand and crude prices, indicating a strong labor market and positive industrial production in various regions.

President Trump’s ultimatum to Russia regarding a truce with Ukraine, along with fresh EU sanctions on Russian oil, are factors contributing to the uncertainty in oil markets. Additionally, reports of OPEC+ considering a pause in production increases and concerns about a global oil glut are affecting crude prices negatively.

Expectations for Iraq to resume crude exports through the Iraq-Turkey pipeline and an increase in oil stored on tankers are further weighing on oil prices. The weekly EIA report showed mixed data on US crude inventories, while the number of active US oil rigs continues to decline. Overall, the oil market remains volatile and sensitive to geopolitical and economic factors.

Read more at Yahoo Finance: Crude Prices Retreat on Dollar Strength and US Tariff Policies