Oil Gains on Likely Technical Rebound
WTI crude oil futures rose toward $67 per barrel on Thursday, in likely a technical rebound after hitting multi-year lows in the previous session. Some relief came as a US official suggested President Donald Trump may eliminate the 10% tariff on Canadian energy imports that comply with trade agreements.
However, sentiment remained bearish due to concerns over the impact of US tariffs and OPEC+’s decision to boost output. Tariffs and retaliatory measures could slow global growth and weaken oil demand. Meanwhile, EIA data showed US crude inventories rose more than expected, adding to oversupply concerns.
Signs of weakening US oil demand also emerged, with waterborne crude imports hitting a four-year low in February, driven by fewer Canadian shipments to the East Coast.
Source: Trading Economics