Oil prices rise amid US trade policies, Trump’s criticism of Fed

Oil prices rose on Wednesday due to concerns over uncertainties surrounding US trade policies and criticism by US President Donald Trump toward Federal Reserve (Fed) Chairman Jerome Powell.

International benchmark Brent crude rose by around 1.34%, trading at $68.35 per barrel at 09.17 a.m. local time (06.17 GMT), up from $67.44 at the previous session’s close.

US benchmark West Texas Intermediate increased by about 0.51%, reaching at $64.57 per barrel, compared to its prior session close of $64.24

Concerns over uncertainties surrounding U.S. trade policies are influencing the upward trend in prices.

US President Donald Trump’s increasing criticism of Federal Reserve Chair Jerome Powell has raised concerns about the independence of the central bank, leading to a depreciation of the US dollar.

The weakening of the dollar is boosting demand appetite among market players, supporting the upward movement in oil prices.

On the other hand, the US move to increase trade tariffs targeting China—the world’s largest oil importer—has heightened concerns over a global economic slowdown, which in turn is limiting the rise in oil prices.

By Gulsen Cagatay