Oil rises marginally on tariff exemption, Chinese crude imports
Oil prices settled slightly higher on Monday on exemptions for some electronics from U.S. tariffs and data showing a sharp rebound in China's crude imports in March, but gains were limited by concerns that the trade war could weaken global economic growth and dent fuel demand.
Brent crude futures closed 12 cents, or 0.2%, higher at $64.88 per barrel, while U.S. West Texas Intermediate crude settled 3 cents higher at $61.53.
Late on Friday, U.S. President Donald Trump's administration granted exclusions from steep tariffs on smartphones, computers and some other electronic goods imported largely from China. It was the latest in a series of policy announcements that imposed tariffs and then walked them back, spurring uncertainty for investors and businesses.
Trump said on Sunday he would announce the tariff rate on imported semiconductors over the next week.
Meanwhile, China's crude oil imports in March rebounded sharply from the previous two months and were up nearly 5% from a year earlier, data showed on Monday, boosted by Iranian oil and a rebound in Russian deliveries.
Source: Reuters
