When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter.

Perceptions of oversupply among oil market participants from increasing OPEC+ output and uncertainty about the economic impact of tariffs have raised short-term oil price volatility, the U.S. Energy Information Administration said on Tuesday.

Between tariffs roiling the global economy and OPEC putting more barrels on the market, prices have dropped significantly since January. That's good for consumers, and bad for oil companies.

The United States and Britain are expected to announce a trade deal that will lower the burden of President Donald Trump’s sweeping tariffs

Gold prices inched lower on Thursday, ahead of U.S. President Donald Trump's likely announcement of a trade deal between the United States and Britain. Spot gold was down 0.1% to $3,362.19 an ounce as of 1318 GMT,