Oil prices slight increased on Thursday after US President Donald Trump’s tariff exemptions eased market tensions, rebounding from their lowest level since December 2021 seen in the previous session.
The international benchmark Brent crude increased by 0.47%, trading at $69.65 per barrel at 10.30 a.m. local time (0730 GMT), up from $69.32 at the close of the previous session.
The US benchmark West Texas Intermediate increased by 0.48%, settling at $66.54 per barrel, compared to its prior session close of $66.22.
With growing concerns over oil demand and supply, the barrel price of Brent oil hit its lowest level since December 2021 on Wednesday. Rising crude oil stocks in the US and OPEC+ plans to increase production in April continue to exert downward pressure on prices.
Oil prices rose slightly in today’s session after Trump’s exemption statements eased trade war concerns.
The US administration, which began a 25% tariff on goods imported from Canada and Mexico, announced that a one-month exemption will be granted to cars coming to the country under the US-Mexico-Canada Agreement (USMCA).
Markets saw this move by the Trump administration as a sign that further tariff exemptions could be negotiated.
On the other hand, the increase in crude oil stocks in the US, the world’s largest oil consuming country, limited the rise in prices by feeding demand concerns in the country.
The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country increased by about 3.6 million barrels last week. Market expectations were that stocks would increase by about 600,000 barrels.
By Humeyra Ayaz
