Oil Prices Steady Amid Trump’s Venezuela Tariff Concerns

Oil prices remained steady on Tuesday as traders evaluated the implications of President Trump's announcement of a 25% tariff on countries importing oil and gas from Venezuela, effective April 2. This tariff is aimed at pressuring the Venezuelan government, which is accused of undermining democratic institutions, and could significantly impact global oil supply given Venezuela's vital role in the oil market. Brent crude was trading at $73.05 per barrel, while West Texas Intermediate (WTI) was at $68.65. OPEC+ is expected to continue increasing oil production by 135,000 barrels per day in May, despite previous overproduction cuts from several member nations. Analysts caution that while these measures could tighten supply, concerns about slowing global demand due to Trump's tariffs complicate market dynamics. Overall, oil prices are predicted to remain around $70 for the year, with potential fluctuations based on economic signals and geopolitical developments.