Oil Prices Rebound as Trade Tariff Delays and Rising Demand Offer Optimism
Global oil markets recover from a three-week decline, buoyed by delayed U.S. tariff plans and increased fuel demand, while potential Russia-Ukraine peace talks weigh on supply concerns.
- Brent crude rose to $75.41 per barrel and WTI crude to $71.57, both set for weekly gains after three weeks of losses.
- The U.S. delayed implementing reciprocal global tariffs until April, providing more time for trade negotiations and easing market fears of a trade war.
- Global oil demand has surged to 103.4 million barrels per day, driven by increased mobility, heating fuel use, and a potential shift from gas to oil in Europe due to high gas prices.
- Potential peace talks between Russia and Ukraine raised concerns about increased global energy supplies if sanctions on Russian oil are lifted.
- The International Energy Agency noted that Russian oil exports could persist through workarounds to sanctions, with Russian crude production showing slight growth last month.
The Globe and Mail 
