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Oil markets showed slight recovery on Thursday as Saudi Aramco’s sharp March price increases helped offset recent losses, with Brent crude climbing to $75.05 and WTI reaching $71.51.
The modest gains follow Wednesday’s 2% decline triggered by surging U.S. crude and gasoline inventories signaling weak demand. The oil market has experienced significant turbulence, dropping 10% since January 15, as traders grapple with Trump’s aggressive trade policies and their potential economic impact.
While China’s retaliatory tariffs on U.S. energy imports have limited immediate effect due to modest trade volumes, analysts at BMI expect continued price volatility as markets assess Trump’s policy positions.
Support levels around $70-68 may attract buyers, but the overall outlook remains bearish given concerns about global economic growth and Trump’s tendency to provide energy sector exemptions in trade disputes, despite potential upward pressure from some tariff measures.
