ByCharles Kennedy– Mar 11, 2025, 11:30 AM CDT
Oil prices rebounded and gained 1.6% early on Tuesday amid weakening U.S. dollar, following the broad market selloff on Monday triggered by fears of a recession in the United States.
As of 9:56 a.m. ET, the front-month futures of the U.S. benchmark WTI Crude were trading 1.64% higher at $66.98 per barrel. The international benchmark, Brent Crude, was up by 1.5% to move back up above the $70 a barrel mark, at $70.24.
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On Monday, Brent prices slid below $70 amid the wider global meltdown in markets amid fears of a recession with the Trump Administration’s tariff policies. Uncertainty has increased in recent weeks with the frequent flip-flops on tariffs for the biggest U.S. trade partners—Canada, Mexico, and China.
Monday’s weakness in oil prices mirrored declines across other markets, with Brent crude trading near $69 and close to the weakest level since 2021, according to Saxo Bank.
“Traders have been spooked by economic concerns triggered by Trump’s aggressive tariffs focus, as well as increased production from OPEC+, and weakening demand in China,” the bank said in comments on Monday’s market moves.
Ahead of Wall Street’s market open on Tuesday, oil prices were cautiously rising, by about 1.5%, as a weaker U.S. dollar makes oil cheaper for buyers who use other currencies. The dollar index slipped to a four-month low on Tuesday.
Oil prices have been under pressure in recent days, not only by the market chaos and concerns about economic slowdown from the U.S. tariffs and retaliatory measures.
Last week, the OPEC+ countries that are withholding supply to the market reaffirmed their decision to add about 138,000 barrels per day (bpd) of crude oil in April, which is the beginning of the easing of the 2.2-million-bpd cuts.
OPEC+ could reverse the oil production increase after April if market imbalances occur, Russian Deputy Prime Minister Alexander Novak said last Friday, noting that the group could “always play in the other direction” if necessary to stabilize the market.
By Charles Kennedy for Oilprice.com
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