Oil Prices Edge Lower Amid U.S. Tariff Uncertainty and Demand Concerns
📉 Price Movements:
- Brent Crude fell 0.6% to $74.02 per barrel
- WTI dropped 0.6% to $70.74 per barrel
- Both benchmarks had settled at their highest levels in five weeks on Monday
🌍 Market Sentiment:
- U.S. Tariff Concerns: Fears over Trump’s tariffs and their potential to hurt global economic growth and crude demand are weighing on oil prices
- Supply Concerns: Losses are capped by tightening supplies amid ongoing threats from Trump against Russia and Iran
📊 U.S. Inventory Data:
- U.S. crude stockpiles rose by 6 million barrels
- Gasoline inventories fell by 1.6 million barrels last week, according to the American Petroleum Institute
🔍 Looking Ahead:
- Traders are awaiting the OPEC+ ministerial meeting on Thursday for further insights on potential output changes beyond April.
Stay tuned for more updates!
