Oil remained steady, rebounding from December lows, as uncertainty over U.S. tariff plans offset easing risks to Russian supply.WTI closed slightly lower near $71 after Trump ordered a country-specific tariff proposal, potentially delaying implementation for weeks or months.
The delay eased demand concerns and fueled speculation he may not proceed with the measures.Crude fell to $70.22 after Trump and Putin agreed to Ukraine peace talks. A Kremlin spokesperson confirmed Ukraine’s participation, raising hopes for lifted sanctions and reduced drone attacks, potentially restoring Russia’s oil flow.
A possible resolution could ease war-related costs, especially in energy, noted City Index and Forex.com analyst Fawad Razaqzada. Regarding Trump’s tariff threats, he said markets see them as a negotiation tactic.Over the past three weeks, Trump’s trade moves have pressured sentiment and prices.
OPEC warned in its monthly report that his policies could increase market volatility and cause supply-demand imbalances unrelated to fundamentals. The report also highlighted improved supply curb compliance among some members.
