Oil Prices Reverse Course, WTI Slides Below $63/bbl
Karim Bastati
DTN Analyst
VIENNA (DTN) -- Oil futures slid Wednesday morning, erasing most of
yesterday's 2% gain which followed the U.S. Treasury striking a softer tone on
the trade war with China and targeting Iranian energy flows with additional
sanctions.
NYMEX-traded WTI for May delivery fell by $0.77 to $62.90 bbl, while ICE
Brent for June delivery dropped $0.79 to $66.65.
May RBOB gasoline futures were down $0.0074 to $2.0922 gallon, while the
front-month ULSD futures contract slid by $0.0224 to $2.1262 gallon.
The U.S. dollar index gained 0.205 points to 98.895.
The U.S. Treasury Department on Tuesday issued additional sanctions aimed at
crippling Iranian energy export revenues. Twelve companies shipping large
quantities of LPG and crude oil were added to the existing sanctions list.
Treasury Secretary Bessent on Tuesday called current U.S. tariffs on imports
from China "unsustainable", and President Trump hinted at lower tariffs in the
foreseeable. The bullish effect of these statements and of the fresh sanctions
was short-lived, with front-month WTI dropping below $63/bbl Wednesday morning.
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