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(Bloomberg) — Oil was regular in the beginning of the week as merchants weighed the fallout from extra US tariffs and an upcoming increase in OPEC+ provide.
Brent traded above $72 a barrel after rising 2.2% final week, whereas West Texas Intermediate was close to $68. Donald Trump’s wave of so-called reciprocal levies on April 2 are set to be extra focused, based on aides, reasonably than the barrage the US president has sometimes threatened.
World markets have been gripped with uncertainty and volatility as Trump opens up commerce wars on a number of fronts, with US levies met with retaliation from different international locations together with China. The brand new tariffs will coincide with extra provide from the Group of the Petroleum Exporting Nations and its allies, which plans to start out reviving idled manufacturing subsequent month.
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