WASHINGTON – Oil prices gains back momentum after 3-week negative trajectory, amid strong fuel demand and expectations that US global reciprocal tariffs would be delayed until April.
Lately, Brent crude futures jumped by 0.6pc, rising 44 cents to $75.46 per barrel, while US West Texas Intermediate (WTI) crude gained 0.5pc, climbing 37 cents to $71.66. Both oil contracts are expected to end the week with a gain of about 1 percent.
Crude Oil Prices
| Oil | Price Change | Price |
| Brent Futures | +44 cents | $75.46 |
| US WTI Crude | +37 cents | $71.66 |
The recent uptick in mid-February comes on the heels of fresh directives by Donald Trump-led administration, asking commerce and economic officials to review tariffs on countries that impose tariffs on goods.
Those familiar with the development throw wight behind tariff move as it helped boost market sentiment. However, gains in oil prices could be limited as traders weigh the possibility of Russian oil supplies returning to the market.
Russian oil exports might remain stable if workarounds to American sanctions are found, following a modest increase in Russian crude production last month.
On the other hand, global oil demand surged to 103.4 million barrels per day, up 1.4 million bpd compared to last year, per reports.
