Oil prices hold steady on Friday as investors prepared for the upcoming U.S. reciprocal tariffs. Despite concerns, crude remained near a one-month high and was set for a third consecutive weekly gain.
Brent crude futures stayed at $74.00 per barrel, holding levels seen earlier this week. Similarly, WTI crude remained at $69.45 per barrel, reflecting a three-week high.
Both benchmarks saw over a 2% rise this week, fueled by U.S. threats to impose tariffs on countries purchasing Venezuelan oil. Additionally, declining U.S. crude inventories added to supply concerns.
On Monday, President Trump announced a 25% tariff on imports from nations buying Venezuelan oil, effective April 2. Oil prices hold steady, but this move could disrupt global supply chains and push prices higher.
The U.S. Energy Information Administration (EIA) reported a significant drop in crude oil inventories, falling by 3.3 million barrels. Analysts had expected a much smaller decrease, indicating a tightening market.
In addition to oil tariffs, Trump also confirmed a 25% tariff on imported automobiles, prompting Canada to threaten retaliatory measures. Canadian Prime Minister Mark Carney declared that the U.S.-Canada trade relationship was shifting and called for economic adaptation.
As April 2 approaches, traders remain cautious, watching for potential disruptions in global fuel demand and trade flows.
Stay informed on the latest Forex and commodity market trends. Visit our blog for expert insights: Rishard Bell | Traders Corner Blog
Oil prices hold steady despite upcoming U.S. tariffs. With a tightening supply and increasing trade tensions, crude remains near a one-month high.
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