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Oil prices edged lower in Asian trade on Wednesday as markets remained cautious over escalating trade tensions and rising global production. Brent crude futures for May slipped 0.2% to $70.93 per barrel, while WTI crude futures dropped 0.3% to $67.46 per barrel, hovering near a five-month low.
Investor sentiment weakened after U.S. President Donald Trump implemented higher tariffs on China, Canada, and Mexico, intensifying economic concerns. The oil market also faced pressure from reports that OPEC+ will proceed with a marginal production increase starting in April.
Despite these challenges, crude prices found some support from China’s economic stimulus efforts. The country, the world's largest oil importer, set a 5% GDP growth target for 2025 and announced plans for increased fiscal spending and consumer subsidies. Additionally, Beijing will raise debt issuance to boost domestic consumption, aiming to counter sluggish economic conditions.
Market optimism also stemmed from U.S. inventory data. The American Petroleum Institute reported a larger-than-expected 1.5 million-barrel draw in U.S. crude stockpiles for the week ending February 28, surpassing forecasts of a 0.3-million-barrel decline. The draw raised hopes of improving fuel demand and tighter U.S. supplies after four consecutive weeks of inventory builds.
However, oil prices remained under pressure after Trump urged higher energy production both domestically and globally. The combination of tariff-related economic headwinds, increasing supply, and geopolitical uncertainty continues to weigh on market sentiment.
Investors now await official U.S. inventory data, due later on Wednesday, for further direction.
