2025-01-30 01:46:03Brent crude oil futures swung around $76.6 per barrel on Thursday, following a more than 1% drop in the previous session, as traders awaited clarity on US trade policy. Trump’s commerce secretary nominee suggested Wednesday that Canada and Mexico might avoid tariffs, conflicting with earlier White House statements confirming that Trump still plans to impose tariffs on the two major US crude suppliers. Oil also remained under pressure after the EIA reported a 3.463 million-barrel rise in US stockpiles last week, the first increase after nine weeks of declines. Meanwhile, the Federal Reserve held interest rates steady as expected, offering little insight into potential rate cuts, which could stimulate economic activity and boost oil demand. Traders now await the OPEC+ meeting on February 3, focusing on its April supply plan. Last week, Trump urged the group to lower oil prices.
2025-01-29 02:36:03Brent crude oil futures hovered around $77.5 per barrel on Wednesday, as traders assessed the potential impact of President Donald Trump’s tariff plans. The White House noted that Trump still plans to issue 25% tariffs on Canada and Mexico while weighing fresh tariffs on China. Investors are also assessing supply disruptions in Libya, where oil exports were briefly halted due to protests, but concerns eased after Libya’s state-run oil company confirmed that exports had resumed. Meanwhile, pressure on oil prices came from reports that Russia was testing US sanctions by sending oil on US-blacklisted vessels to India, amplifying negative sentiment from disappointing data in China and warmer US weather forecasts. On the supply side, API data showed US crude stocks rose by 2.86 million barrels last week. If confirmed by official data later in the day, it would be the first increase in 10 weeks.
2025-01-28 13:45:04Brent crude oil futures rose above $77 per barrel on Tuesday, driven by supply risks in Libya despite concerns over potential US trade tariffs. Protesters demanded the closure of two key Libyan ports, Ras Lanuf and Es Sider, threatening significant crude export disruptions. These stoppages could affect hundreds of thousands of barrels starting Tuesday. Meanwhile, President Trump expressed support for broad tariffs exceeding 2.5% on foreign-made goods, including steel, aluminum, and copper. This followed a 2% drop in crude prices on Monday due to weak Chinese manufacturing data and a global risk-off sentiment sparked by falling tech stocks.