Mumbai, Feb. 4 -- Oil futures fell below $72 after China imposed tariffs on US coal, LNG, and crude oil, escalating trade tensions. The 15% duty on coal and LNG, along with a 10% tariff on crude and farm equipment, takes effect on February 10. This came after Trump's 10% tariff on all Chinese goods, raising fears of a full-blown trade war. Meanwhile, OPEC and its allies upheld their current production strategy, ignoring Trump's calls to increase supply. In a separate move, the US delayed tariffs on Canada and Mexico for a month after securing border enforcement commitments. With no resolution in sight, oil markets remain on edge. MCX February crude oil futures slipped below Rs 6300, trading down Rs 55 per barrel.
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