Crude oil prices made slight gains today, despite ongoing market uncertainty due to global trade tensions and supply concerns.
At the time of writing:
- WTI Crude is trading at $66.80 per barrel, up 0.74%.
- Brent Crude is priced at $69.79 per barrel, increasing 0.71%.
- Murban Crude stands at $70.54 per barrel, rising 0.73%.
- Natural Gas, however, dropped 1.46%, now at $4.385.
Market Trends and Factors Affecting Prices
Oil prices have struggled this week, hitting their lowest levels in nearly four years after the U.S. imposed new tariffs on Mexican and Canadian imports. This move triggered a selloff, adding to concerns over weak demand and oversupply.
Meanwhile, OPEC+ has confirmed plans to ease production cuts in April, which could increase the amount of oil in the market. Some analysts worry that this could lead to even lower prices if demand does not pick up.
“The market is concerned that OPEC+ may continue adding supply, but they have said they will only do so if demand supports it,” said UBS analyst Giovanni Staunovo.
On the other hand, U.S. crude oil inventories have risen by 3.6 million barrels, according to the Energy Information Administration. While fuel inventories declined, traders focused on the rise in crude stockpiles, adding to bearish sentiment.
Since the start of the year, crude oil prices have dropped by about 20%, with trade policies and economic uncertainty weighing on the market. Experts believe the coming weeks will be crucial in determining whether prices stabilise or continue to slide
