Oil quotations fell sharply - by almost 4% - after the U.S. announced it would impose tariffs of 104% on Chinese steel and aluminum products. This added to fears of a global economic slowdown and demand for commodities. The decline occurred despite ongoing geopolitical tensions. An additional negative was the data on rising oil inventories in the US. Market participants are assessing how trade measures may affect supply chains and industrial activity in key economies.There are no prerequisites for resumption of oil price growth. As for the decline, in the near term, such a development looks more likely under current conditions. However, the situation may change quickly if any significant agreements are reached at the international level.