Oil Prices Rise Over 1% Amid U.S. Tariff Exemptions, China's Crude Imports

Oil prices saw a modest increase on Monday, with West Texas Intermediate crude rising to $62.34 per barrel and Brent crude climbing to $65.59, driven by U.S. tariff exemptions on certain Chinese goods and a rebound in Chinese crude imports. The Trump administration's temporary relief on tariffs for smartphones and computers contributed to a positive market sentiment, although concerns linger over the potential impacts of ongoing trade tensions between the U.S. and China on global economic growth and fuel demand. Chinese imports of crude oil rose nearly 5% year-on-year in March, bolstered by increased shipments from Iran and Russia. Despite the day's gains, both Brent and WTI prices have fallen approximately $10 per barrel since early April, with analysts revising forecasts downward amid fears of a recession and slowing demand. Goldman Sachs projects average prices of $63 for Brent and $59 for WTI for the remainder of 2025, highlighting a cautious outlook. Additionally, the market structure shows a shift into contango, indicating potential oversupply fears in the near term.