Brent crude futures rose 14 cents (0.2%) to $73.93 a barrel. The US West Texas intermediate crude futures also reached $69.79 at 0049 GMT, 14 cents (0.2% (0.2%).
On Wednesday, oil prices rose about 1% in government data, and last week crude and fuel inventory fell, reducing the threat that US tariffs would buy Venezuelan crude.
India’s Reliance Industry, the operator of the world’s largest refinery facility, will halt Venezuela’s oil imports following tariff announcements, sources said on Wednesday.
Traders and investors were still evaluating the impact on oil demand from President Trump’s latest announcement on 25% tariffs on imported cars and light trucks starting next week. View could raise car prices and impact oil demand, but could also slow the switch to greener cars.
“News about Trump’s tariffs on cars could actually turn out to be a net positive for crude oil, because the rise in new car prices from tariffs means slowing the switch to a newer, fuel-efficient model.” While US oil and gas activity rose slightly in the first quarter, energy executives were pessimistic about the sector’s outlook, according to a Dallas Fed study, separate Trump tariffs on steel and aluminum can reduce costs for drilling and building pipelines.
