Tuesday 15/April/2025 – 09:28 AM
Oil prices rose during Tuesday’s trading, supported by a possible mitigation of the customs fees announced by US President Donald Trump, and the recovery of China’s oil imports in anticipation of the decrease in Iranian supplies.
The Brent crude futures prices rose 0.35% or 24 cents at 65.13 dollars per barrel, while the prices of US NIMEX futures delivered May delivery by 0.45% or the equivalent of 29 cents to 61.82 dollars per barrel.
Oil prices are rising globally to support American customs exemptions
In the latest developments in Trump’s commercial war, the president said he was studying the amendment of the 25% customs duties imposed on cars and vehicle parts, which are from Mexico, Canada and other countries.
The US Petroleum Institute report is expected to be released on oil stocks later today, before announcing the official data from the US Energy Information Administration tomorrow.
OPEC expectations for the growth of global demand for oil
In its monthly report issued today, OPEC reduced its expectations for the growth of global oil demand to 1.3 million barrels per day this year, and 1.28 million barrels in 2026, compared to previous expectations of 1.45 million and 1.43 million barrels, respectively.
The positive performance of black gold came with the support of China’s imports of crude oil in March to 51.41 million tons, or 12.1 million barrels per day, the highest level since August 2023.
This comes with the escalation of investor morale after US President Donald Trump’s decision, with the exception of mobile phones, computers and some other electronics that are imported from China from high tariffs.
