Crude oil prices dropped below USD 72/barrel after China imposed tariffs on US products in retaliation for US tariffs. China’s 15% tariffs on coal and LNG, and 10% tariffs on crude oil, farm equipment, and certain cars will take effect February 10. This follows a deadline for the US to enact 10% tariffs on all Chinese goods. Meanwhile, OPEC and allies decided to maintain their oil production plans despite Trump’s calls for increased output to lower crude prices.