WTI Crude Rises Amid Supply Tightening and US Tariff Concerns
WTI crude oil futures experienced a slight uptick, closing at $69.90 per barrel on Thursday, building upon approximately 1% gains from the prior session. Traders are currently evaluating a contraction in oil supplies amid apprehensions concerning the potential global economic repercussions stemming from newly imposed US tariffs. There is considerable focus on the risks linked to mounting trade tensions, especially following President Donald Trump's announcement of a 25% tariff on imported automobiles and light trucks, with tariffs on auto parts anticipated to commence in May. Additional factors supporting the market include US sanctions, which have intensified supply risks from major producers such as Iran and Venezuela. Reliance Industries of India, the proprietor of the globe's largest refining facility, announced its plans to cease importing Venezuelan oil in light of the US's threat to impose a 25% tariff on its clientele. Correspondingly, data revealed a considerable decline in US crude inventories by 3.3 million barrels the previous week, further bolstering market sentiment.
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