Oil prices rose by 0.7%, supported by U.S. tariff exceptions on select electronics and a rebound in Chinese crude imports. However, gains remain limited due to ongoing trade tensions and concerns about weakening global demand.
Brent crude reached $65.20 per barrel, while WTI traded near $62. The U.S. temporarily paused tariffs on products like smartphones and computers, but President Trump hinted at new duties on semiconductors soon.
China’s March crude imports rose nearly 5% year-on-year, driven by Iranian and Russian supplies.
Despite this, oil remains down roughly $10 per barrel since early April, as the U.S.-China trade conflict fuels fears of a global economic slowdown. Goldman Sachs cut its price outlook, forecasting Brent to average $63 in late 2025 and WTI $59, citing sluggish demand growth - especially for petrochemical feedstocks.
Meanwhile, the U.S. oil rig count continues to decline, reflecting companies’ cautious stance amid demand uncertainty. Total rigs decreased to 583 for the week ending April 11 from 590 in the previous week, pointing to the lowest reading since late-January.
Talks between the U.S. and Iran in Oman signaled possible diplomatic progress, which could ease supply risks and reduce sanctions pressure.
While market sentiment is fragile, further direction will depend on upcoming outlooks from OPEC and the IEA, as well as any shifts in U.S. trade and foreign policy.