Petroleum prices edged up early on Wednesday, helped by a weaker American dollar, but mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth capped gains.
Brent futures rose 27 cents, or 0.39%, to $69.83 a barrel Wednesday while U.S. West Texas Intermediate crude futures gained 29 cents, or 0.44%, to $66.54 a barrel.
But U.S. stock prices, which also influence the oil market, fell again on Tuesday, adding to the biggest selloff in months, with investors rattled over increased tariffs on imports and souring consumer sentiment.
Trump’s protectionist policies have shaken global markets. He has imposed, then delayed tariffs on major oil suppliers Canada and Mexico, while also raising duties on China, prompting retaliatory measures.
Over the weekend, Trump said a “period of transition” was likely and declined to rule out a U.S. recession.
In supply, U.S. crude oil production is poised to set a larger record this year than prior estimates, at an average 13.61 million barrels per day, the U.S. Energy Information Administration said on Tuesday.
Investors digested U.S. inflation data on Wednesday for clues on the path of interest rates. They were also closely monitoring OPEC+ plans. The producer group has announced plans to increase output in April.
In the U.S., crude oil stockpiles rose by 4.2 million barrels in the week ended March 7, market sources said, citing American Petroleum Institute figures from Tuesday.
