Brent crude hovered near $75 per barrel, poised for a third straight weekly decline as President Trump reiterated his commitment to increasing US oil output.
His statement coincided with a higher-than-expected rise in US crude oil inventories – the largest increase in nearly a year (8.7 million – actual vs. 2.6 million – expected).However, BRN received support as the White House tightened sanctions on Iran, targeting its “oil network”.In addition, Saudi Aramco raised its physical crude prices for Asian buyers in March.
Meanwhile, trade tensions between the US and China continued, with Beijing retaliating against Trump’s recent actions by imposing tariffs on American energy sources, including crude oil.
Despite this retaliation, the overall impact may be minimal due to China’s relatively low import volumes of US energy products.More By This Author:Gold To Extend Its Winning Streak To Six Consecutive Weeks? Is XAUUSD Due For A Pullback? This Week: USDInd Surges Towards 2-Year High On US Tariffs Announcement
