In This Article:
(Bloomberg) -- Oil edged higher as signs of tighter near-term supply-and-demand balances overshadowed an intensifying global trade war that threatens to crimp global energy consumption.
Most Read from Bloomberg
-
Why Did the Government Declare War on My Adorable Tiny Truck?
-
Trump Slashed International Aid. Geneva Is Feeling the Impact.
-
These US Bridges Face High Risk of Catastrophic Ship Strikes
West Texas Intermediate advanced 0.4% to settle just below $70 a barrel, continuing a three-week rally. A US government report on Wednesday showed the country’s stockpiles shrank by 3.34 million barrels last week to the lowest in a month, helping allay concerns of an oversupplied market.
Oil has trended higher since early March as sanctions and tariffs from the Trump administration raise the potential for supply disruption from producers including Iran and Venezuela.
Still, the Trump administration’s intensifying trade wars dragged on equities and limited gains for oil as the White House pushed ahead with tariffs on automakers and threatened harsher punishment on the European Union and Canada if they join forces against the US.
Major oil traders including Trafigura Group and Gunvor Group are bearish on crude prices over the rest of the year due to rising supply, particularly from outside OPEC+. The producer group is also scheduled to start reviving idled output next month, the first in a series of planned hikes.
To get Bloomberg’s Energy Daily newsletter in your inbox, click here.
--With assistance from Alex Longley.
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.