Oil Prices Steady Early Week as Market Weighs Trump Tariffs
Oil prices were steady early in the week as traders weighed the impact of higher U.S. tariffs and an upcoming increase in OPEC+ supply.
Brent traded above $72 a barrel after rising 2.2% last week, while West Texas Intermediate neared $68. Donald Trump’s wave of retaliatory levies on April 2 is set to be more targeted, aides said, than the barrage the U.S. president has sometimes threatened.
Global markets have been gripped by uncertainty and volatility as Trump has unleashed trade wars on multiple fronts, with broad U.S. tariffs met with retaliation from countries including China and Canada. Oil futures are down more than 10% from this year’s peak in mid-January. Trump’s new tariffs would coincide with more supply from the Organization of the Petroleum Exporting Countries and its allies, which plan to start restarting stalled production next month.
The group is seeking to increase output by 138,000 barrels per day, the first in a series of monthly increases. Meanwhile, Ukraine’s defense minister said talks with U.S. officials in Riyadh on Sunday about ending Russia’s war “covered key points including energy” as Trump pushes for a ceasefire. Delegations from the U.S. and Russia are expected to hold separate talks on Monday. Brent for May settlement was little changed at 72.20 a barrel at 3:35 p.m. Singapore time. WTI for May delivery was steady at 68.37 a barrel.
Source: Bloomberg
