(Bloomberg) -- Oil fluctuated, rebounding from the lowest since December, as a longer-than-anticipated delay to US President Donald Trump’s plans to impose reciprocal tariffs counteracted potentially easing risks to Russian supplies.
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West Texas Intermediate earlier dropped as low as $70.22 a barrel before paring losses to trade little changed near $71 on reports that Trump’s planned reciprocal tariffs won’t go into effect immediately and will include exemptions, easing concerns about how much they’ll hurt demand.
Russia’s crude flows have been a key focus for the market in recent weeks, with sanctions imposed by the Biden administration last month boosting futures on signs that the measures are restricting supplies. A Kremlin spokesperson confirmed that Ukraine will participate in peace talks, raising the prospect that those measures will be lifted and that Ukrainian drone attacks on Russia’s industry will abate, allowing Moscow’s crude to again flow freely.
Trump’s various trade measures have also weighed on sentiment and prices over the past three weeks. The president’s policies risk stoking volatility in global markets and have the potential to create supply-demand imbalances that aren’t reflective of fundamentals, OPEC said in a monthly report on Wednesday. The release also showed that several members are better implementing supply curbs.
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