Oil prices increased on Friday, poised to end a three-week decline, driven by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs will not take effect until April, providing more time to avert a potential trade war.
Brent crude futures rose by 23 cents (0.3%) to $75.25 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 16 cents (0.2%) to $71.45 per barrel.
The delay in implementing U.S. reciprocal tariffs has alleviated immediate concerns over a global trade war, contributing to the uptick in oil prices. Additionally, the global oil demand has risen to 103.4 million barrels per day, an increase of 1.4 million barrels per day compared to the previous year, according to JPMorgan analysts.
The market is also monitoring potential developments in U.S. trade policies, as President Donald Trump has announced plans to implement “reciprocal tariffs” on nations that impose tariffs on American goods, aiming to ensure fairness in international trade.
These factors have contributed to the recent rise in oil prices, as traders assess the balance between supply disruptions and demand growth in the context of evolving trade policies.
