Oil prices edged higher on Tuesday, supported by a weaker dollar but capped by concerns over a U.S. economic slowdown and tariffs. Brent settled up $0.28 (0.4%) at $69.56, while WTI gained $0.22 (0.3%) to $66.25. Both had fallen 1.5% in the previous session.
A weaker U.S. dollar made oil cheaper for foreign buyers, but Trump’s new 25% tariff on Canadian steel and aluminum added market uncertainty. Equities slumped, with the S&P 500 and Nasdaq posting their worst drops in months.
On the supply side, the EIA raised its U.S. production forecast to a record 13.61 million bpd, while OPEC+ plans to increase output in April but may adjust if prices remain low. Russia reaffirmed the hike but left room for changes.
Markets now await U.S. inflation data and crude inventory reports, which are expected to show rising stockpiles while gasoline and distillates decline.