Commodities
Oil Edges Up From Yearly Lows on Shrinking Russia Crude Flows
- WTI has tumbled 10% since January high as investors flee
- US president signals more duties on steel and aluminum
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Oil rose on signs of a tighter market and rising geopolitical tensions, but held near the lowest levels of the year as planned US tariffs continued to weigh on sentiment.
West Texas Intermediate climbed by 1.9% to settle near $72 a barrel Monday, following the longest weekly losing streak since September. Russian oil production last month fell short of its OPEC+ quota, easing concerns of oversupply, while soaring natural gas prices in Europe incentivized the burning of oil for power. Physical traders also honed in on flaring tensions in the Middle East after Israel and Hamas accused each other of violating the terms of a six-week ceasefire deal.