Oil Posts Weekly Loss Amid Supply Boost, Tariff Uncertainty
Oil prices posted a weekly loss amid efforts to end the war in Ukraine and tariff uncertainty. The Organization of Petroleum Exporting Countries' decision to increase production in April has raised concerns about a potential supply boost, while US tariffs on Russia's trading partners have sparked fears of a trade war. Despite President Trump's threat of further sanctions against Russia, oil prices remained below $70 per barrel at the end of the week.
- The market's sensitivity to global politics highlights the need for commodity analysts and traders to consider macroeconomic factors in their investment decisions.
- How will the ongoing uncertainty around US-Russia relations impact the pricing of oil contracts in the months ahead?