Crude futures settle higher with the market weighing the impact of potential supply disruptions against the economic impact of U.S. tariffs.
The gradual rally from the March 5 low of $65.22 for WTI could be a mixture of genuine supply concerns around Canadian, Mexican and Venezuelan oil and a technical bounce from a oversold market, Mizuho’s Robert Yawger says in a note.
“But the rally may be flying a little too close to tariff demand destruction and the OPEC+ production increases that are set to start in April,” he adds.
WTI settles up 0.4% at $69.92 a barrel, and Brent rises 0.3% to $74.03 a barrel.
