WTI oil moved lower as traders focused on recent developments in tariff drama

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WTI oil pulls back as traders focus on recent developments in trade wars. U.S. President Donald Trump threatened to impose a 200% tariff on wine and other alcoholic beverages from Europe in case the EU imposes a tax on American whiskey.

If WTI oil settles below the $65.00 level, it will move towards the nearest support level at $62.50 – $63.00.

Brent oil is losing ground amid broad pullback in the oil markets. Traders worry that trade wars will hurt economic growth and reduce demand for oil.

A move below the $69.00 level will open the way to the test of the support at $67.00 – $67.50.

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