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Oil Prices Stabilize as Tariff Exemptions and Chinese Imports Offer Brief Relief

Global oil demand forecasts are cut by OPEC and the IEA as trade tensions and oversupply concerns weigh on markets.

Image
An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo
A pumpjack operates at the Vermilion Energy site in Trigueres, France, June 14, 2024. REUTERS/Benoit Tessier/File Photo
People walk by the JP Morgan & Chase Co. building in New York October 24, 2013. REUTERS/Eric Thayer/File Photo

Overview

  • OPEC and the International Energy Agency have reduced their oil demand growth projections for 2025 and 2026, citing the economic impact of U.S.-China trade tensions.
  • Brent crude prices are trading around $65 per barrel, while WTI hovers near $61, reflecting stabilization after earlier volatility.
  • Temporary tariff exemptions on key tech products by the Trump administration have provided modest support to oil prices, though uncertainty persists.
  • China's crude oil imports rebounded sharply in March, reaching the highest levels since August 2023, driven by increased Iranian and Russian supply.
  • Major financial institutions, including Goldman Sachs and JP Morgan, have further lowered their oil price forecasts, anticipating continued oversupply and recession risks.