Oil Prices Steady Amid Tariff Concerns, OPEC+ Supply Plans

Oil prices remained steady at the start of the week, with West Texas Intermediate (WTI) near $68 and Brent crude above $72, as traders assessed the potential impacts of new U.S. tariffs on oil imports from Venezuela. President Trump plans to introduce reciprocal tariffs on April 2, which may be more targeted than previously expected, contributing to market uncertainty amid ongoing trade tensions. Meanwhile, OPEC+ is set to increase oil output by 138,000 barrels per day next month, marking the first of several planned production hikes. Investors are also closely monitoring talks regarding the Ukraine conflict, which could affect Russian oil supply. Despite these developments, analysts expect WTI to hover around $70 for the year, with potential seasonal gains as driving demand increases. Overall, the market is experiencing volatility, influenced by geopolitical developments and changing supply dynamics.