Oil Prices Fall as U.S. Crude Stockpiles Rise and Tariff Concerns Persist

A reported increase in U.S. crude inventories and fears over global economic impacts from trade tariffs contribute to a pullback in oil prices after recent gains.

• U.S. crude stockpiles increased by 9.4 million barrels last week, according to American Petroleum Institute data, while gasoline and distillate inventories declined.
• Brent crude fell 0.47% to $76.64 per barrel, and West Texas Intermediate (WTI) dropped 0.5% to $72.95, ending a three-day streak of price gains.
• Global oil supply concerns persist due to U.S. sanctions on Russian and Iranian oil exports, disrupting shipments to major importers like China and India.
• New U.S. tariffs on steel and aluminum imports, coupled with China's retaliatory measures, have raised fears of slowed global economic growth and reduced energy demand.
• The Energy Information Administration's updated forecast projects U.S. crude oil production to average 13.59 million barrels per day in 2025, slightly higher than its previous estimate.

3 Articles

The Globe and Mail Barron's