Oil prices edged higher after hitting a six-month low, with Brent nearing $70 and WTI around $67. Markets remain uncertain as President Trump pushes ahead with tariffs, though some levies on automakers may be delayed.
Oil has fallen since January amid trade tensions, with Canada and China retaliating against US policies. OPEC+ plans to boost production in April, adding pressure.
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Analysts warn tariffs could impact diesel demand, tied to industrial activity. Meanwhile, US refiners are cutting Mexican crude orders, and Canada is eyeing new pipelines to ship oil overseas.
Morgan Stanley lowered its Brent forecast, expecting prices in the $60s later this year. US crude stockpiles also rose to their highest level since July 2024.
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