March 6, 2025 7:12 PM.
Oil prices edged up today, recovering slightly from yesterday’s low, but still remained under pressure amid trade tariffs between the US, Canada, Mexico and China, and Organization of the Petroleum Exporting Countries (OPEC+) plans to raise output.
Brent Crude was trading over 0.6 percent up at around 69 dollars and 72 cents per barrel. WTI Crude was also trading over 0.6 percent up at around 66 dollars and 74 cents per barrel when reports last came in.
Meanwhile, US commercial crude oil inventories increased by 3.6 million barrels to 433.8 million barrels in the week ending 28th February, according to data released by the Energy Information Administration.
This would be the first time since 2022 when OPEC+, which includes the Organisation of the Petroleum Exporting Countries, plus Russia and other allies, proposed to increase production.
The sentiment was further dented by looming uncertainty about global economic growth after U.S. President Donald Trump pledged to impose tariffs on key trading partners – Canada, Mexico and China. On Monday, Trump confirmed that 25% tariffs on Mexico and Canada would be effective from March 3, while the U.S. has doubled tariffs on Chinese goods to 20%.