Oil prices hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook. Brent crude oil futures rose by 12 cents, or 0.

Oil futures settled lower on Monday, as the Trump administration’s ongoing tariff threats and their potential economic impact, along with concerns over the potential for a slowdown in AI-related power demand,

Oil prices slipped on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.

Vandana Hari of Vanda Insights says that Trump's declaration of a national energy emergency was probably meant to send a strong message of his intentions to deregulate the oil and gas industry, and that it's unlikely OPEC would increase production as it is not in their interests.