Oil prices edged higher as US delays tariffs on key crude oil suppliers
Crude markets have experienced a turbulent start to the year. Prices initially climbed due to a harsh winter and US sanctions on Russian energy exports but later retreated on the possibility of sweeping US tariffs, which heightened fears of a global economic slowdown.
Oil prices edged higher on Monday, 03 February 2025, following a volatile trading session, after the US government announced a 30-day delay on new tariffs targeting major crude suppliers Mexico and Canada. The decision alleviated immediate concerns over potential supply disruptions.
Brent futures for April delivery rose by 29 cents and settled at $75.96/barrel.
WTI rose by 63 cents and closed at $73.16/barrel.
Crude markets have experienced a turbulent start to the year. Prices initially climbed due to a harsh winter and US sanctions on Russian energy exports but later retreated on the possibility of sweeping US tariffs, which heightened fears of a global economic slowdown.
Further supporting prices, OPEC+ has upheld its existing production cuts through the first quarter, with a gradual output increase anticipated starting in April. However, market sentiment remains fragile amid ongoing geopolitical uncertainties and concerns over global economic momentum.
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Written by: Muhammad Hafiz