Oil Moves Directionlessly Amidst Various Global Issues
World oil prices moved erratically on Tuesday. The market was still weighing US President Donald Trump's threat to increase tariffs on European countries over the Greenland issue. Meanwhile, a weakening US dollar and better-than-expected Chinese economic data provided some support.
Brent crude for March fell slightly by 0.3% to $63.78 per barrel. Meanwhile, US WTI crude for February rose 0.2% to $59.58 per barrel, and the more active March contract fell 0.4% to $59.12. These movements occurred after the US market was closed the previous day.
The weakening US dollar helped cushion the decline in oil prices by making the commodity cheaper for global buyers. However, market concerns remain high due to escalating trade tensions between the US and Europe. The threat of tariffs of up to 25% starting in June has made investors cautious.
Additional support came from China after data showed its economy grew 5.0% last year, in line with the government's target. China's refinery activity and oil production also hit record highs. At the same time, the market is monitoring developments in Venezuela's oil sector, which could potentially impact global supply going forward. (alg)
Source: Newsmaker.id
