Oil Up Slightly with Focus on Tariff Moves, US-Iran Talks
Oil prices rose after a sluggish session on Monday, with traders monitoring the latest U.S. moves in the trade war and the prospect of easing curbs on Iranian crude.
Brent traded around $65 a barrel after rising 0.2% on Monday, while West Texas Intermediate held near $62. Wall Street regained some calm on Monday, with stocks and bonds gaining after a tumultuous week amid President Donald Trump’s disruptive tariff policies.
“Macro sentiment has stabilized for now, and crude oil is on a slow path to recovery,” said Huang Wanzhe, an analyst at Dadi Futures. “With the first wave of ‘tariff pricing’ largely in place, the market is now bracing for the next phase — where the focus shifts to the actual demand impact as the trade war escalates, barring any policy changes.” Oil prices have fallen about $10 this month as the trade war stokes fears of a global recession that would hurt energy demand, especially in the U.S. and China — the biggest consumers of crude. Those concerns have led institutions to cut demand outlooks and analysts to cut price forecasts, with the possibility of a supply glut heightened by OPEC+'s surprise decision to bring back production sooner than expected. (Newsmaker23)
Source: Bloomberg
