Oil Prices Edge Up Amid Economic Concerns and Tariff Impact

Oil prices went up a little early on Wednesday. The weaker dollar helped with this, but worries about the U.S. economy slowing down and the effects of tariffs kept the price jumps small. Brent oil was up by 27 cents, reaching $69.83 per barrel, while U.S. West Texas Intermediate crude oil increased by 29 cents to $66.54 per barrel.

Even with worries about the economy, oil prices remained strong, according to Daniel Hynes, a senior expert at ANZ. This shows that people are still wanting a lot of oil for now. A lower dollar value means oil looks cheaper for buyers using other types of money.

However, U.S. stock prices fell again, causing one of the biggest sell-offs in a while. Investors are nervous because of higher tariffs on imports and unhappy consumer feelings. President Trump’s trade policies have made international markets shaky. He has put tariffs on major oil suppliers like Canada and Mexico, and raised duties on China, which led China to respond back.

Over the weekend, Trump said there might be a transition period ahead and didn’t rule out a possible U.S. recession. On the production side, U.S. oil output is expected to reach a record high this year, averaging 13.61 million barrels per day, according to the U.S. Energy Information Administration.

Investors are waiting for updates on inflation in the U.S., which comes out on Wednesday, to see how it may affect interest rates. They are also watching what OPEC+ plans to do next. OPEC+ announced it might increase oil production in April. In the U.S., oil stockpiles went up by 4.2 million barrels in the week ending March 7, according to figures cited by the American Petroleum Institute. More government data on U.S. oil stockpiles is also expected this Wednesday.