Oil steadied after its biggest gain in nearly four weeks as tighter Russian crude supplies overshadowed concerns about the impact of President Donald Trump's expanded tariffs.
West Texas Intermediate traded above $72 a barrel after rising nearly 2% on Monday, while Brent settled below $76. Russian data showed production last month fell further below the country's OPEC+ quota. Soaring European natural gas prices have also made burning oil more cost-effective, potentially boosting demand for crude.
President Trump ordered 25% tariffs on steel and aluminum imports in a sign of a growing trade war, cracking down on what administration officials say are attempts by countries such as Russia and China to evade existing duties. The levies take effect on March 4, according to a U.S. official.
Source: Bloomberg
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