WATCH THE VIDEO HERE The crude oil market appreciated on Thursday as traders weighed the adjustment of tariffs by the United States amid plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to raise output. Brent futures went up by 16 cents or 0.2 per cent to $69.46 a barrel and the US West Texas Intermediate (WTI) crude futures gained 5 cents or 0.1 per cent to settle at $66.36 per barrel. On Wednesday, both crude benchmark prices had recorded their weakest levels since December 2021, after a build in US crude inventories further pressured oil as OPEC+ recorded hike in output quotas for the first time since 2022 and new US tariffs enacted on Tuesday. On Thursday, the US President, Mr Donald Trump, exempted goods from Canada and Mexico under a North American trade pact for a month from the 25 per cent tariffs that he imposed this week. Reuters reported that Mr Trump could eliminate the 10 per cent tariff on Canadian energy imports, such as crude oil and petrol that comply with existing trade agreements. The exemptions for the two largest US trading partners will expire on April 2. President Trump has threatened to impose a global regime of reciprocal tariffs on all its trading partners. Support also came as the US government said it would exert a campaign of maximum pressure of sanctions on Iran to collapse its oil exports and put pressure on its currency. According to a top official, the Trump administration is reviewing all existing sanctions waivers that provide Iran any degree of economic relief. The country also urged the Iraqi government to eliminate its dependence on Iranian sources of energy as soon as possible. Meanwhile, OPEC+ will go ahead with a planned partial rollback of its production cuts in April, a bearish sigh for oil markets Russia said it will seek a peace deal in Ukraine that safeguards its own long-term security and will not retreat from the gains it has made in the conflict.
Crude Oil Market Rises as Trump Adjusts Tariffs
