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Crude oil prices showed a minor pull-back due to supply concerns. It hits a high of $70.18 at the time of writing and currently trading around $69.40.
Crude Oil Stockpile Status
For the week ended March 7, 2025, U.S. crude oil inventories rose by 1.448 million barrels to 435.2 million barrels, approximately 5% lower than the five-year average. Cushing, Oklahoma, crude stocks fell, while refinery inputs rose to 15.7 million barrels per day at 86.5% capacity. U.S. imports of crude oil averaged 5.5 million b/d, and the less-than-anticipated inventory build can be positive for crude oil prices, depending on world market conditions. The EIA is projecting tightening global oil markets through mid-2025 with lower output in Iran and Venezuela.
Impact of US Sanctions on Iran and Venezuela
In recent times, the U.S. has increased sanctions on Venezuela and Iran, mainly under the Trump administration [citation:1, citation:3]. On March 24, 2025, President Trump imposed a 25% tariff on countries importing Venezuelan oil, from April 2, to affect countries such as China and push the Maduro regime [citation:2, citation:8]. Chevron was issued a U.S. Treasury extension to May 27 to close down operations in Venezuela, which relieved near-term pressures while keeping sanctions intact. This statement has caused loading delays and lower tanker activity at Venezuelan terminals. Venezuela decried these actions. At the same time, the U.S. maintains stringent measures against Iran to hold back its oil income and regional standing. These sanctions are designed to destabilize both governments and restrict their international oil trade.
Price Resistance and Support Levels
The near-term resistance is around $70.25; any breach above this level could push prices higher to $70.60/$71.26/$72.11/$72.85/$73.06/$74.32/$75. On the downside, immediate support is at $67.20 violation below targets $66/$65.50/$65.25..
It is good to sell on rallies around $70.60-62 with a stop-loss of around $72.11 and a target price of $66.
