Oil extends climb on supply fears, trade war concerns cap gains

Jeslyn Lerh - Reuters - 01/04
Oil prices inched higher on Tuesday after threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.
  • Market weighs near-term supply risks, tariff concerns
  • Reuters poll shows lower U.S. crude inventories
SINGAPORE, April 1 (Reuters) - Oil prices inched higher on Tuesday after threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.
Brent futures rose 21 cents, or 0.3%, to $74.98 a barrel at 0645 GMT, while U.S. West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $71.70.

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The contracts settled at five-week highs a day earlier.
"Near-term risks are skewed to the upside, with U.S. threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies," said Yeap Jun Rong, market strategist at IG.
However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the U.S., said Yeap.
A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year fro...
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