Oil prices edged lower on Thursday, retracing some of the previous session’s gains as traders weighed intensifying tariff disputes against expectations for stronger seasonal demand.
WTI crude futures closed at $67.533, down 0.17%, after hitting a session high of $67.773. Brent crude followed a similar pattern, retreating 0.1% to $70.88 per barrel.
The pullback comes after a 2% rally on Wednesday, which was fueled by tighter-than-expected U.S. oil and fuel inventories. The Energy Information Administration (EIA) reported that U.S. gasoline inventories fell by 5.7 million barrels, exceeding analysts’ forecasts of a 1.9 million-barrel draw. Meanwhile, U.S. crude stockpiles rose by 1.4 million barrels, a smaller-than-expected build that signaled resilient demand.
Despite the dip in oil prices, concerns about the global economy and trade tensions remain dominant factors. U.S. President Donald Trump’s latest tariff threats on European Union goods, coupled with Canada and Mexico preparing retaliatory measures, have heightened uncertainty. Traders fear that escalating trade disputes could slow global growth, ultimately weighing on energy demand.
At the same time, the market is monitoring OPEC+ production levels. The latest report from the group showed that total output rose by 363,000 barrels per day in February, driven primarily by Kazakhstan’s increased production. While OPEC maintained its global demand growth forecast for 2025, the market remains wary of potential supply-side pressures.
The CL-OIL (Crude Oil) price is trading around $67.53, reflecting a -0.17% decline on the session. The price peaked at $67.77 before facing resistance at $67.86, leading to some consolidation. The moving averages (5, 10, 30) indicate an uptrend, though signs of exhaustion are emerging. The MACD remains positive, but a slight downturn in momentum suggests potential retracement if buyers fail to push through resistance.
Picture: Crude oil stalls at resistance near $67.86, consolidation ahead, as seen on the VT Markets app
If bullish momentum resumes, a break above $67.86 could open the door toward $68.20. However, if oil retraces, support is seen at $67.00, with further downside risk toward $66.50.
Short-term oil prices could remain volatile, with tariff policy shifts and economic data releases acting as key drivers. The sharp decline in U.S. gasoline inventories suggests stronger seasonal demand, which could limit further losses. However, any escalation in trade tensions or additional supply increases from OPEC+ could cap upside momentum.
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