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Oil poised for third weekly gain ahead of Trump’s tariffs - BLOOMBERG
Oil headed for a third weekly advance as the market braces for more tariffs from the Trump administration.
Brent traded near $74 a barrel after closing 0.3 per cent higher on Thursday, while West Texas Intermediate was close to $70. Tariffs on auto imports and so-called reciprocal levies are among US measures due next week, part of a developing global trade war.
Oil traders face an uncertain outlook as they grapple with President Donald Trump’s policies and an OPEC+ plan to revive idled output. Brent futures have been rangebound for the past six months, trading in a band of about $15 between the high $60s and low $80s.
“People are staying on the sidelines and waiting for the announcements,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “April 2 is not far away, but with all the recent tweaks and changes to tariffs you want to wait to see the details.”
Earlier this week, Vitol’s chief executive officer said while there are some threats to supply, it’s generally adequate for the next couple of years. Meanwhile, Venezuela is boosting oil exports to China as the Trump administration deploys sanctions and secondary tariffs to squeeze the Latin American nation.
