Oil Prices Pull Back Off Five-Week High

(RTTNews) - The price of crude moved to the downside during trading on Tuesday, giving back ground after surging to its highest closing level over a month on Monday.

After spiking $2.12 or 3.1 percent to $71.48 a barrel in the previous session, crude for May delivery fell $0.38 or 0.5 percent to $71.10 a barrel.

The pullback by the price of crude oil came as traders await U.S. President Donald Trump's reciprocal tariffs announcement on April 2 to assess the impact on fuel demand.

A report from the Washington Post this morning said White House aides have drafted a proposal to impose tariffs of around 20 percent on most imports to the U.S.

However, the Washington Post noted White House advisers cautioned that several options are on the table and no final decision has been made.

Concerns over tighter global supply also remained in focus after Trump threatened Russia with tariffs and vowed to continue strikes on Yemen's Houthi rebels until they no longer pose a threat to global shipping.

He also issued a stern warning to Iran, stating that the "real pain is yet to come."

Iran's Supreme Leader Ayatollah Ali Khamenei warned the U.S. would receive a strong blow if it acted on Trump's threat to bomb unless Tehran reaches a new nuclear deal with Washington.