Oil prices are on track for a third consecutive weekly increase as markets brace for a new round of U.S. tariffs set to take effect early next week. Brent crude hovered near $74 per barrel after closing 0.3% higher on Thursday, while West Texas Intermediate remained below $70. The latest tariffs, including reciprocal levies and a duty on buyers of Venezuelan crude, are scheduled to be implemented on April 2, further escalating trade tensions.
Crude prices have been trending higher since early March as investors assess supply disruptions linked to President Donald Trump’s sanctions and trade policies. Traders have been securing bullish options to hedge against potential price spikes. Meanwhile, Venezuela has increased its crude exports to China to the highest level in nearly two years, despite ongoing economic and political turmoil.
While concerns over supply constraints have supported prices, market sentiment remains mixed due to uncertainties over global demand and rising production. Leading commodity traders have expressed bearish outlooks for crude prices for the rest of the year. Adding to supply-side pressures, the OPEC+ alliance is set to begin restoring previously curtailed output next month, marking the first step in a series of planned production increases.
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