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Oil prices inched higher in Asian trading Thursday after hitting a two-month low, as investors weighed U.S. crude stock data and new tariff threats from former President Donald Trump.
Brent crude futures rose 0.3% to $72.77 per barrel, while WTI crude gained 0.4% to $68.53. The U.S. Energy Information Administration (EIA) reported a surprise 2.3-million-barrel decline in crude inventories for the week ending February 21, defying forecasts of a 2.6-million-barrel build. Meanwhile, refinery activity increased, with inputs rising by 317,000 barrels per day and utilization reaching 86.5%.
Despite the crude draw, refined product stockpiles swelled. Gasoline inventories grew by 400,000 barrels to 248.3 million, while distillate stocks jumped by 3.9 million barrels to 120.5 million, indicating softer demand for fuel.
Market volatility also stems from Trump's policy decisions. His administration revoked Chevron’s license to operate in Venezuela, disrupting the export of 240,000 barrels per day, over 25% of the country’s oil production. The move contributed to price gains, reflecting concerns over tighter global supply.
Additionally, Trump reaffirmed plans for tariffs on energy imports, proposing a 10% duty on Canadian oil and 25% on Mexican imports, alongside potential European trade levies. These threats have fueled uncertainty in the oil markets. However, speculation about peace talks between Russia and Ukraine has put downward pressure on prices, as an agreement could boost Russian oil exports.
With geopolitical risks, shifting inventories, and evolving trade policies, oil prices remain volatile, keeping investors cautious.
