Oil Edges Higher as Traders Weigh U.S. Tariff Risks
Crude futures return to positive territory after opening the trading session lower as markets mull trade and tariff risks under Donald Trump's presidency. Brent crude is up 0.5% to $79.70 a barrel, while WTI rises 0.6% to $76.26 a barrel.
Both benchmarks settled lower after Trump outlined plans to boost oil-and-gas production, but the focus has now turned to trade policy and its potential impact on crude balances.
Prices are also supported by falling Russian oil exports due to U.S. sanctions, with daily flows down 9% last week and the four-week average close to a 16-month low, according to Bloomberg-compiled data. "The oil market has tightened this winter, aided by low crude oil inventories, increased heating demand, improved OPEC+ compliance, and more Russia sanctions.
Source: Bloomberg