Despite US tariff concerns, oil extends profits
Despite concerns that President Trump’s trade tariffs could undermine global growth, oil prices had extended profits from previous trading sessions.
Brent Crude and WTI were boosted by $76.67 and $73.07, a 1% increase in one barrel, respectively, thanks to signs of supply and rising geopolitical tensions.
Russia’s oil production fell further below the country’s OPEC+ quota in January, easing concerns about excess markets, even if the Kremlin had to compensate for past overproduction. Meanwhile, Russia and Ukraine continue to trade attacks targeting energy infrastructure.