However, optimism was tempered by the prospect of tighter US restrictions on imports. On Wednesday, the US government announced a sweeping 25% tariff on imported automobiles and automotive parts, set to take effect on 2 April and 3 May, respectively.
The latest Energy Information Administration (EIA) data showed US crude stockpiles fell by 3.3 million barrels last week, far surpassing expectations of a 956,000-barrel decline, signalling the wane of seasonal maintenance at refineries.