Crude Oil Pulls Back Sharply Amid Renewed Trade Concerns

(RTTNews) - The price of crude oil moved sharply lower during trading on Tuesday, more than offsetting the significant increase seen in the previous session.

After jumping $1.14 or 1.8 percent to $64.80 a barrel during Monday's session, crude for October delivery tumbled $1.55 or 2.4 percent to $63.25 a barrel.

The pullback by crude oil partly reflected concerns about the impact of President Donald Trump's trade policies, as he threatened to impose "substantial additional tariffs" on countries that do not remove digital taxes and related regulations that harm U.S. tech companies.

"America, and American Technology Companies, are neither the 'piggy bank' nor the 'doormat' of the World any longer," Trump said on Truth Social. "Show respect to America and our amazing Tech Companies or, consider the consequences!"

Trump has also threatened to impose 200 percent tariffs on China if Beijing does not export rare-earth magnets to the U.S.

Meanwhile, the Trump administration officially issued a notice regarding the imposition of an additional 25 percent tariffs on Indian imports, with the punitive duties set to kick in at 12:01 am (EST) on August 27.

Russian foreign minister Sergey Lavrov has accused Western nations and Ukrainian President Zelensky of obstructing peace talks on Ukraine in an interview.