Oil prices fell about 2% to a two-week low on Tuesday on expectations OPEC+ will boost output even as U.S. President Donald Trump's on-again off-again trade tariffs could reduce global economic growth and demand for the fuel.

Crude oil futures slid in early trading on Tuesday, reflecting growing investor anxiety over a cooling global demand outlook. Concerns over the economic fallout from intensifying trade tensions between the United States and China—the world’s top two oil consumers— weighed heavily on market sentiment.

Crude oil prices slipped in early Asian trading Tuesday, pressured by weaker demand expectations amid escalating trade tensions between the United States and Chinathe worlds largest oil consumers. Brent crude

The dollar recouped some of its losses on Tuesday, supported by reports that the U.S. administration may ease planned tariffs, although investor caution lingered over whether a meaningful de-escalation in the U.

Beijing appears to be bedding in for a protracted battle with the US over tariffs. The Chinese government laid out policies Monday to aid its exporters affected by the trade war, including loan support for troubled firms and measures to further boost domestic consumption.

China on Monday said it was on the right side of history in its gruelling trade war with the United States. Recall that the US President Donald Trump, since returning to the presidency in January, has imposed 10 per cent tariffs on most US trading partners and a separate 145 per cent levy on many products from China.