Oil prices rose on Thursday after heavy sell-offs drove the market to a multi-year low, however tariff uncertainties and a rising supply outlook capped gains.
Brent futures were trading up 50 cents, or 0.72%, at $69.80 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude (WTI) futures climbed 48 cents, or 0.72%, to $66.79 a barrel.
Brent plunged 6.5% in the previous four sessions, dropping to its lowest since December 2021 on Wednesday, while WTI fell 5.8% over the same period to its lowest since May 2023.
"The sharp dip in oil prices below the key $70.00 level may prompt a slight breather in today's session, as technical conditions attempt to stabilise from oversold territory," said Yeap Jun Rong, market strategist at trading platform IG.
"However, recovery momentum remains fragile, with unfavourable supply-demand dynamics being a key overhang for bullish sentiment," he added.
Prices fell after the U.S. enacted tariffs on Canadian and Mexican goods, including energy imports, at the same time major producers decided to raise output quotas for the first time since 2022.
The decline eased as the U.S. said it will exempt automakers from the 25% tariffs, raising optimism the impact of the trade dispute may be mitigated.
Additionally, a source familiar with the discussions said that U.S. President Donald Trump may eliminate the 10% tariff on Canadian energy imports, such as crude oil and gasoline, that comply with existing trade agreements.
"Trump's trade measures are threatening to reduce global energy demand and disrupt trade flows in the global oil market. This was exacerbated by a rise in U.S. inventory," Daniel Hynes, senior commodity strategist at ANZ, said in a note on Thursday.
Source: Investing.com
Oil prices increased on Monday, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian cr...
Oil prices rebounded after last week's decline after OPEC+ agreed to raise production at a modest rate, amid doubts about how many members could continue to increase output. The rise marked a reversa...
Oil prices rose more than $1 on Monday (September 8), recovering some of last week's losses, after an OPEC+ production increase appeared to moderate and amid concerns over possible further sanctions o...
Oil prices rose on Monday in early trade, paring last week's losses, after OPEC+ agreed over the weekend to raise output further but at a slower pace from October due to an anticipated weakening of gl...
Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude ...
European shares finished higher on Monday, while French stocks also rose as investors stayed calm in the run-up to a no-confidence vote later in the day that lead to the ouster of the country's fifth prime minister in three years. French Prime...
Oil prices increased on Monday, recovering some of last week's losses, after producer group OPEC+ opted for a modest output hike and investors priced in the possibility of more sanctions on Russian crude. OPEC+ flagged plans to further increase...
Gold (XAU/USD) begins the week on an impressive bullish note, soaring to fresh all-time highs above $3,600 per ounce on Monday. The move extends last week's rally amid growing conviction that the Federal Reserve (Fed) will cut interest rates at...
US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for...
Russian forces attacked a thermal power plant in the Kyiv region as part of an overnight attack, Ukraine's Energy Ministry said on Monday,...
Asia-Pacific markets traded mostly higher Monday as investors assessed the resignation of Japan's prime minister and eyed key economic data in the...
Stocks in Europe started the week in positive territory, with the STOXX 50 up 0.6% and the STOXX 600 advancing 0.3%. Equities continued to benefit...