Oil prices remained stable on Thursday, as it recovered a little from the lowest multi -year level, although Brent crude remained less than $ 70 amid pressure from commercial tariffs between the United States, Canada, Mexico and China, in addition to OPEC+ planning to raise production.
Brent futures increased 28 cents, or 0.4 %, at $ 69.58 a barrel by 0957 GMT, while the United States raw in West Texas Media (WTI) gained 32 cents, or 0.5 %, to 66.63 dollars.
Prices fell dramatically early this week, with Brent drop to $ 68.33 on Wednesday, and its weakest level since December 2021, due to fears of customs tariffs on Canadian and Mexican goods, including energy imports, and a decision of the main producers to raise the production share. Oil prices began to recover after the United States announced that it would exempt car manufacturers from the 25 % definitions, and discussions indicated that US President Donald Trump can eliminate a 10 % tariff on Canadian energy imports, such as crude oil and gasoline, if they are in line with the current trade agreements.
The OPEC+ Group, including the organization of oil -exporting countries and allies like Russia, decided on Monday to increase production classes for the first time since 2022, which presses oil prices. On Wednesday, a greater rise in the expected in US crude stocks exacerbated the decline.
American crude stocks, supported by the maintenance of the seasonal refinery, increased, while gasoline stocks and distillation decreased due to the high exports, according to the Energy Information Department.
The signs of poor demand for oil in the United States were also clear, as water imported oil imports to the United States reached the lowest level of four years in February. This was driven by a decrease in Canadian barrels that are shipped to the eastern coast, due to the maintenance of the refinery in the largest factory in the region.
In addition, the customs tariffs on American imports of Mexican crude continue to influence trade flows, although this is a smaller supply stream compared to Canadian crude.
In China, officials indicated that more economic motivation may be implemented if the growth is slowing down, with the aim of supporting consumption and mitigating the effects of the escalating trade conflict with the United States
