Oil prices remained steady at the start of the week as traders weighed the impact of new US tariffs and an upcoming increase in supply from OPEC+ countries. Brent crude traded below $72 a barrel after a 2.2% rise last week, while West Texas Intermediate hovered around $68.
The market is focused on President Donald Trump’s planned imposition of so-called reciprocal tariffs, which are set to take effect on April 2. According to aides, these tariffs will be more targeted than the sweeping measures Trump has occasionally threatened. The announcement adds to the growing uncertainty and volatility in global markets, as the US has initiated trade conflicts on multiple fronts. These include significant tariffs that have triggered retaliation from countries such as China and Canada.
Oil futures have fallen more than 10% since hitting a peak in mid-January, as concerns over trade disruptions continue to weigh on the market. Additionally, Trump’s new tariffs will coincide with a planned increase in oil production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies. OPEC+ plans to revive dormant production next month, boosting output by 138,000 barrels per day as part of a series of monthly increases.
In parallel, Ukraine’s defense minister confirmed that discussions with US officials in Riyadh on Sunday had covered key issues, including energy, in relation to Russia’s ongoing war. As Trump pushes for a ceasefire, separate talks are scheduled for Monday between US and Russian delegates.
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