Oil Prices Stabilize After Two Days of Gains

SadaNews - Oil prices stabilized as traders balanced indicators of rising U.S. crude inventories with the implications of the tariff policy adopted by President Donald Trump.

Brent crude remained close to $70 a barrel after two days of gains, while West Texas Intermediate crude was traded around $68.

The American Petroleum Institute reported that U.S. inventories rose by 7.1 million barrels last week, the largest increase since January, pending confirmation from government data expected on Wednesday.

Investors continue to monitor U.S. trade policy and its potential impact on demand, as Trump pledged to press ahead with his tariff agenda in the coming days, asserting that he would not grant any further extensions for exemptions for certain countries. He also indicated his intention to impose new tariffs on copper imports.

Trump's Tariffs Pressure Prices

Oil prices have declined this year partly due to concerns over the impact of U.S. tariffs and retaliatory measures from targeted countries.

The recent conflict between Israel and Iran has increased market volatility, but the current fragile truce has shifted focus back to global trade and OPEC+ policies regarding supply.

In the United States, price fluctuations have curtailed drilling activity, with the Energy Information Administration lowering its forecast for crude production growth this year by about 50,000 barrels per day, to just 160,000 barrels per day. The number of rigs continues to decline, approaching its lowest level in four years.