Oil Prices Set to Reverse Losing Streak | OilPrice.com
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Breaking News:
Crude oil prices were on course to end the week with a gain, snapping a three-week string of losses as Trump signaled reciprocal tariffs for U.S. trade partners will not come into effect until at least April.
At the time of writing, Brent crude was trading at $75.17 per barrel, with West Texas Intermediate changing hands for $71.38 per barrel.
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Earlier in the week, President Donald Trump ordered government officials to study the implementation of reciprocal tariffs for trade partners that already have import duties for U.S. products while the U.S. has no such tariffs on their respective goods. The deadline for the results of the study was set for April.
Traders took this as a signal that even if reciprocal action is taken on the part of the White House, it will not be immediate, which they interpreted as bullish for oil.
“Positive development on the trade front in light of U.S. tariff delays paves the way for some recovery in oil prices this morning, as the risk environment warms up to the prospects of further trade consensus being reached,” IG analyst Yeap Jun Rong told Reuters. “However, gains in oil prices may seem limited as market participants have to digest the prospects of Russian supplies being brought back on the market amid potential Ukraine-Russia peace talks,” he added.
“Any further escalation in trade tensions, particularly related to new tariffs or retaliatory measures, could impact global economic growth and, by extension, oil demand,” Phillip Nova analyst Priyanka Sachdeva wrote in a note following the news, as quoted by Bloomberg.
A Reuters report suggesting Russia was curtailing oil production in response to refinery damage from Ukrainian drone attacks likely contributed to crude oil’s upward movement this week. A new IEA report revising oil demand growth higher for this year was another likely contributor to the rally.
By Irina Slav for Oilprice.com
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