Oil prices rose in Asian trading on Friday, heading towards the completion of a three-week losing streak. This comes against the backdrop of rising demand for heating oil and expectations that President Donald Trump's planned introduction of global reciprocal tariffs will not take effect until April, giving more time to avoid a trade war.
This week, Brent crude prices rose by 0.6%, while WTI crude rose by 0.5%. These positive dynamics could push a shift from gas to oil in Europe, also stimulating demand. It is expected that consumption of heating oil in the USA will increase again.
Brent crude futures increased by 23 cents or 0.3% to $75.25 per barrel, while WTI futures rose by 16 cents or 0.2% to $71.45, continuing to strengthen.
Trump is set to analyze the issue of imposing reciprocal tariffs against countries that impose duties on American goods and present recommendations by April 1. However, the potential agreement between Russia and Ukraine is at the center of traders' attention, as lifting sanctions related to Moscow could increase global energy supplies.
Meanwhile, the International Energy Agency reported that Russian oil exports could be maintained while finding alternative routes in light of recent US sanctions. The rise in crude deliveries in Russia last month also pushed prices up.
Overall global demand for oil increased to 103.4 million barrels a day, analysts from JPMorgan said. Analysts noted that demand for mobility and heating oil was activated in mid-February, which indicates that the gap between actual and projected demand will soon narrow.
