Oil Prices Stabilize Amid Anticipation Of New Tariffs

2025-04-03 05:02:59

(MENAFN- The Peninsula) QNA

Singapore: Oil prices stabilized on Wednesday amid thin trading, following declines in the previous session due to concerns that new US tariffs, which are expected to be announced later, could escalate a global trade war that could curb demand for crude oil.

Brent crude futures fell by 0.4 percent to $74.49 a barrel, on Tuesday. US West Texas Intermediate (WTI) crude futures rose by 3 cents to $71.23 a barrel.

US crude and fuel inventories showed a mixed picture of supply and demand in the world's largest oil producer and consumer.

The American Petroleum Institute, citing sources, reported that US crude oil inventories rose by 6 million barrels in the week ending March 28, while gasoline inventories fell by 1.6 million barrels and distillate stocks by 11,000 barrels.

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