Key Figures
- Brent crude oil futures saw a slight rise by 0.43% to $69.76 per barrel.
- West Texas Intermediate (WTI) climbed 0.38% to $66.61 per barrel.
- Despite these increments, both contracts are expected to end the week with a significant drop—Brent by 4.9% and WTI by 4.8%.
Market Dynamics
The oil market, like many others, finds itself in turmoil due to the fluctuating trade policies of the United States—the world’s biggest oil consumer. Recent statements by President Trump indicate a temporary halting of enhanced tariffs on goods from Canada and Mexico until April 2. Yet, tariffs on steel and aluminum will proceed as planned. This partial suspension fails to address Canadian energy products, which still face a 10% levy.
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For an in-depth analysis of similar economic fluctuations, check out our article on Cyprus Exports to the US.
Expert Insight
Vandana Hari, the founder of Vanda Insights, notes, “Financial markets seem engulfed in panic mode, with limited solace found in President Trump’s delays. Even as crude prices hover around a four-month low, further declines remain possible.”
Future Outlook
According to a report by Fitch, the risk to pricing persists following OPEC+’s decision to boost petroleum output in April. This could lead to an oversupply, sending Brent prices to their lowest since December 2021.
