Oil prices rise more than 1% after booking steep losses on fears of full-blown trade war
Crude oil futures rose more than 1% on Tuesday, after booking steep losses on fears that President Donald Trump’s sweeping tariffs will trigger a full-blown, global trade war.
U.S. crude oil was last up 75 cents, or 1.24%, to $61.45 per barrel, while global benchmark Brent rose 69 cents, or 1.07%, to $64.90 per barrel.
The oil market is “taking a big of a breather” after getting hit by a “toxic cocktail” of recession fears due to Trump’s tariffs and the decision by OPEC+ to bring more barrels back to the market, said Helima Croft, global head of commodity strategy at RBC Capital Markets.
“For now people are waiting to see if there’s a potential off ramp to this trade dispute,” Croft told CNBC’s “Squawk on the Street.” Traders will also monitor the upcoming OPEC+ meeting on May 5, she said.
Source: Reuters