From Yahoo Finance: 2025-03-27 23:07:00

Oil prices fell on Friday due to fears of global recession from U.S. tariff wars but still increased for the third straight week as U.S. pressure on OPEC members Venezuela and Iran intensified. Brent crude settled at $73.63/barrel, WTI at $69.36/barrel. Trump plans tariffs on imports effective April 2, causing investor concerns about a recession. JPMorgan analysts noted recession risk but observed stable oil demand indicators. U.S. crude inventories fell by 3.3 million barrels last week, boosting Brent and WTI prices by 1.9% and 1.6% respectively. Trump imposed new tariffs on Venezuelan crude buyers and Iran, leading to decreased oil output from Venezuela. This has caused buyers to halt imports, impacting global supply expectations. The OPEC+ group will increase oil production in April and likely continue in May. Oil markets are readjusting due to U.S. sanctions against Venezuela and Iran, with the second quarter expected to be tighter than anticipated.



Read more at Yahoo Finance: Oil slips on recession fears but posts 3rd weekly gain