The international benchmark, Brent crude, increased by around 0.57%, trading at $64.92 per barrel, up from $64.55 at the previous session’s close. The US benchmark West Texas Intermediate (WTI) rose about 0.55%, settling at $61.50 per barrel, compared to its prior session close of $61.16. Oil prices were supported by the US announcement of additional tariff exemptions, but gains faded swiftly as renewed trade tensions revived concerns over global demand. The US granted exemptions for certain technology products, including smartphones, computers, and related devices, from its reciprocal tariffs applied to other countries, including China.
However, on Sunday, US President Donald Trump denied reports that his administration had formally approved such exemptions, contradicting earlier suggestions that consumer electronics would be spared from the sweeping tariff measures. ‘NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non-Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst,’ Trump said on his Truth Social account. Meanwhile, data showing a decline in crude oil production by the Organization of Petroleum Exporting Countries (OPEC) is fuelling supply concerns among market participants, pushing prices higher. According to OPEC’s monthly oil market report, the group’s crude oil production fell by 78,000 barrels per day (bpd) in March to 26.776 million bpd. During the same period, total crude oil production by the OPEC+ group—which includes OPEC and some non-OPEC producers—decreased by 37,000 bpd to 41.02 million bpd.
Traders are also closely following talks between the US and Iran which are expected to shape the future of US sanctions on Iranian oil exports. Iran’s Foreign Ministry said the next round of talks with the US will be held Saturday in Muscat, Oman. On Monday, Trump downplayed the difficulties in negotiations with Iran over the country’s nuclear program, saying the ongoing talks are almost ‘easy.’ Trump told reporters that he will broker a resolution to the long-standing issue, describing it as ‘almost an easy one’ to resolve. Still, he complained that the next meeting with Iran is not scheduled until next Saturday, which he described as a ‘long time’ following the conclusion of this weekend’s talks in Oman, while accusing Tehran of purposefully drawing out the talks.
Crude oil prices inches up to the $64.92 a dollar
