Slight rise in oil prices supported by demand indicators despite tariff fears

Global oil markets saw limited positive movement during early trading, supported by indicators of strong demand, but concerns about the economic outlook in light of the application of new tariffs imposed by the administration of former US President Donald Trump curbed further gains.

However, oil rose today, driven by supply concerns, and a sudden drop in US inventories by 3 million barrels.

Price action

Benchmark Brent crude rose by 0.8%, surpassing the USD 67 barrel barrier, while WTI approached the USD 65 level, before falling back.

This rise came after five consecutive sessions of decline, especially after the United States announced its intention to double tariffs on India, in a move aimed at targeting countries importing Russian oil.

The impact of tariffs and possible negotiations

These fees are due to come into force after 21 days, leaving a margin for diplomatic negotiations between the parties involved.

Trump also noted the possibility of a close meeting with Russian President Vladimir Putin, which could affect the intensity of trade tensions.

Positive signals of demand

On the other hand, demand indicators were encouraging after US crude inventories fell to the lowest level in two weeks, while Saudi Arabia raised oil prices bound for Asia for September, indicating strong demand and a contraction in global supplies.