Oil prices edged higher on Monday and WTI price rose from $70.3 to $70.6 per barrel. If oil prices retreat, they may encounter support near $70.0 per barrel, while resistance may be found near $73.1 per barrel.
US President Donald Trump and Russian President Vladimir Putin met in Riyadh, Saudi Arabia last week, but the meeting was fruitless, driving oil prices up. At the same time, Ukrainian drone attacks have damaged a key Russian oil pipeline in Kazakhstan, disrupting oil supply and boosting oil prices.
Supply concerns are also providing support for oil prices. On Monday the US government imposed new sanctions on Iranian oil exports driving oil prices up. In addition, Iraq reaffirmed its commitment to limit oil production according to OPEC regulations.
Oil prices are under pressure by concerns over Trump’s energy agenda. Trump has vowed to declare a national energy emergency and start drilling for oil immediately to build up US strategic reserves.
US President Donald Trump has been using threats of imposing trade tariffs as a negotiation tool to further his agenda with other countries. Trump has threatened that he will announce reciprocal tariffs on many countries, which would raise US import taxes to match those imposed by the country’s other trading partners. On Tuesday, Trump threatened to impose 25% tariffs on foreign cars and semiconductor chips. If Trump goes through with these heavy tariffs, global inflation is likely to rise and the economic outlook will worsen, putting pressure on oil prices.
Oil prices are kept in check by high central banks’ interest rates. The US Federal Reserve held interest rates steady at its January meeting after delivering three consecutive rate cuts in 2024. FOMC policymakers voted unanimously to maintain the federal funds range to a target range of 4.25% to 4.50%.
OPEC+ has announced that it will extend its voluntary production cuts until the end of the first quarter of 2025, however. Oil prices have been under pressure and the cartel is limiting production in an attempt to raise oil prices.
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Written by:
Myrsini Giannouli
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