Oil prices steady amid assessment of impact of US tariffs

Oil prices stabilized on Tuesday as investors assessed the impact of US tariffs on countries that buy oil and gas from Venezuela versus the repercussions of the tariffs on other industries, such as the automotive sector, and their potential impact on the global economy and oil demand.

Brent crude futures rose 1 cent to $73.01 a barrel, while US West Texas Intermediate (WTI) crude also rose 1 cent to $69.12 a barrel.

Both benchmarks rose more than 1% on Monday after US President Donald Trump announced 25% tariffs on countries importing oil and gas from Venezuela, prompting markets to reassess supply expectations.

Experts expect WTI crude to remain close to $70 a barrel for the remainder of the year, with seasonal gains possible as the United States and other countries enter the driving season, which typically sees increased fuel demand.