Oil Advances as Focus Turns to Looming Trump Tariff Measures
Oil crept higher as traders braced for impending US tariff announcements and equity markets rose.
West Texas Intermediate rose 0.7% to settle below $72 a barrel, while global benchmark Brent ended the session just below $75. US President Donald Trump is set to announce tariffs later Wednesday and the sweeping duties are set to take immediate effect.
Several proposals are said to be under consideration, including a tiered system with a set of flat rates for different countries, as well as a more customized “reciprocal” plan. Equity markets also gained.
The tariffs add to a deluge of conflicting drivers since Trump came into office. Sanctions threaten to curb supplies from Russia and Iran, while a production boost by OPEC and its allies starting this month is exacerbating concerns that a glut is looming.
WTI for May delivery rose 0.7% to settle at $71.71 a barrel in New York.
Brent for June settlement climbed 0.6% to settle at $74.95 a barrel.
Source: Bloomberg