U.S. oilfield service provider Baker Hughes on Wednesday forecast steeper drops in spending by global oil producers as tariffs dent demand expectations and push down prices for crude. Baker Hughes echoed rival Halliburton's concerns on Tuesday,

Baker Hughes beat estimates for Q1 adjusted earnings but flagged a potential impact of $100M-$200M on its annual core profit due to tariffs.

Baker Hughes expresses caution about its financial outlook due to macroeconomic and trade policy uncertainty, reporting a decline in profits and estimating a potential tariff impact.