FX.co ★ Oil Prices Tick Higher Amid Trade Uncertainty and Supply Concerns

On Wednesday, WTI crude oil futures advanced by 0.7%, closing at $71.7 per barrel as market participants anticipated the announcement of new U.S. tariffs, which could heighten market uncertainty and potentially curtail crude demand. Despite a bearish U.S. crude inventory report indicating a 6.2 million-barrel increase, traders attributed this rise to a surge in Canadian imports ahead of the potential tariff imposition, largely overlooking its implications. President Trump's proposed tariffs, which may include levies on crude imports, pose the risk of elevating refined product prices and disrupting global trade flows. Concurrently, Russia has intensified export restrictions, halting loadings from several key ports, further complicating the global supply landscape. In this climate of geopolitical tensions and trade policy unpredictability, the oil market remains unstable, with risks predominantly skewed towards the downside.