Written by Nicole Gao
(Reuters) – Oil prices have risen early on Wednesday, and a weaker country, but the increasing concerns of the American economic slowdown and the impact of definitions on global economic growth gains.
Brent futures increased 27 cents, or 0.39 %, to $ 69.83 a barrel at 0110 GMT, while crude raw materials in western Texas intermediate bustle gained 29 cents, or 0.44 %, to $ 66.54 a barrel.
Despite the weak economic expectations, oil maintains a positive position. “This is a sign that the demand for the near -raw term is still strong.”
The dollar index, which decreased by 0.5 % to 2025 low levels on Tuesday, reinforced oil prices by making crude less expensive for buyers who hold other currencies. [USD/]
But the prices of American stocks, which also affect the oil market, declined again on Tuesday, adding to the largest sale in months, as investors rocked the increased customs tariffs on imports and wearing consumer morale.
Trump’s protective policies have shook the global markets. He was then imposed, then the customs tariff were delayed on the main suppliers of oil in Canada and Mexico, while lifting duties in China, prompting retaliatory measures.
During the weekend, Trump said the “transition period” is possible and refused to exclude the American recession.
In supply, US crude oil production is preparing to achieve a larger record of this year of previous estimates, at a rate of 13.61 million barrels per day, according to the US Energy Information Administration on Tuesday.
Investors are waiting for inflation data on Wednesday to obtain evidence of the interest rate path. It is also closely monitoring OPEC+plans. The producers group announced plans to increase production in April.
In the United States, crude oil stocks increased by 4.2 million barrels per week ending March 7.
Investors are now waiting for government data on US stocks, due on Wednesday, for more commercial signals.
(Participated in the reports of Nicole Gao in New York; edited by Himani Sarkar)
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