Crude oil futures closed lower on Friday, amid demand concerns due to potentially reduced consumption in oil and energy amid a new tariff regime kickstarted by the US government. US President Donald Trump reordered the global economy by signing an executive order to impose new tariffs on 69 countries trading with the US, with levies ranging anywhere from 15% to 41%. The tariffs are set to take effect from August 7 to give room for officials to prepare for the tax collections. Meanwhile, OPEC+ member-nations are meeting on August 3 to decide on the unwinding of the production cuts further. The earlier 548,000 barrels per day September target remains in place.
Benchmark crude oil futures for September decreased $1.93 or about 2.79% at $67.33 a barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $2.03 or 2.83% to settle at $69.67 a barrel on London's Intercontinental Exchange.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: