Oil prices edged higher on weaker dollar, but markets remained cautious
Oil prices settled slightly higher on Tuesday, 11 March 2025, supported by a weaker dollar, though gains remained constrained by supply expectations and concerns over heightened US tariffs on Canada.
Oil prices settled slightly higher on Tuesday, 11 March 2025, supported by a weaker dollar, though gains remained constrained by supply expectations and concerns over heightened US tariffs on Canada.
Brent crude futures rose 28 cents, or 0.4%, to $69.56 a barrel.
WTI crude gained 22 cents, or 0.3%, to $66.25 a barrel.
Market sentiment remained cautious after the US government announced an additional 25% tariff on all steel and aluminium imports from Canada, bringing total duties on those products to 50%. The move—scheduled to take effect on the midnight of 11 March (GMT-4)—reinforced concerns over global trade disruptions.
Meanwhile, output-related developments remained in focus as the US Energy Information Administration (EIA) projected domestic crude oil production to rise to 13.61 million bpd this year, surpassing previous estimates. This added to concerns over supply, particularly as OPEC+ prepares to increase output in April.
Looking ahead, investors awaited US inflation data due Wednesday for further signals on interest rate policy, a key factor shaping the nation’s economic growth and energy demand.
Written by: Derek Yong