Oil Prices Rise on Weaker Dollar, but Tariff and Recession Concerns Limit Growth

Global oil markets see modest gains as a declining U.S. dollar boosts demand, while fears of economic slowdown and trade tariffs weigh on investor sentiment.

• Brent crude and U.S. West Texas Intermediate prices climbed slightly, supported by a weaker U.S. dollar, which made oil cheaper for buyers using other currencies.
• Concerns over a potential U.S. recession and the impact of ongoing and proposed trade tariffs on global economic growth are tempering market optimism.
• OPEC+ plans to increase oil output in April remain under scrutiny, with analysts speculating that sustained low prices could prompt a reconsideration of production hikes.
• U.S. crude oil production is projected to reach a record average of 13.61 million barrels per day in 2025, according to the Energy Information Administration.
• Investors are closely monitoring upcoming U.S. inflation data and government stockpile reports for further indications of market trends and interest rate decisions.

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