04:29:11 PM IST, 06 Mar 2025
Oil recovers from multi-year low but Brent remains below $70
Oil prices were steady on Thursday, recovering slightly from a multi-year low, though Brent was still below $70 under pressure from trade tariffs between the U.S., Canada, Mexico and China and OPEC+ plans to raise output.
Those factors and a larger than expected build in U.S. crude inventories had sent Brent as low as $68.33 on Wednesday, its weakest since December 2021. Brent futures were up 28 cents, or 0.4%, at $69.58 a barrel by 0957 GMT on Thursday while U.S. West Texas Intermediate crude futures gained 32 cents, or 0.5%, to $66.63.
"The US President's intention seems to be for a lower oil price," said John Evans at oil broker PVM, adding that questions remain around whether crude is being oversold.
Prices had fallen after the U.S. enacted tariffs on Canadian and Mexican goods, including energy imports, at the same time major producers decided to raise output quotas for the first time since 2022.