Quantum Commodity Intelligence – Crude oil futures in Asian trading hours Friday were edging up, heading for slim weekly gains having recovered from monthly lows.
Front-month Apr25 ICE Brent futures were trading at $75.14/b (0640 GMT) versus Thursday’s settle of $75.02/b.
At the same time Mar25 NYMEX WTI was trading at $71.33/b, compared to Thursday’s close of $71.29/b.
Prices came under pressure midweek, slumping to around 2025 lows after US President Donald Trump said that talks to end the war in Ukraine would start “immediately”.
However, benchmarks have since rebounded with planned talks in Saudi Arabia potentially weeks away, while analysts said a quick deal would be unlikely given the complexities of any settlement.
A peace deal would also do little for supply/demand balances with Russia already producing at around its OPEC+ quota.
Tariffs
Prices also recovered after the US Administration pushed back on plans to impose reciprocal tariffs in March, as analysts said that the hazy timeline increasingly looks like a negotiating ploy.
“President Donald Trump opted to delay his much-hyped reciprocal tariffs—kicking the can down the road, likely until April,” said Stephen Innes of SPI Asset Management.
“The market read it as a classic Trump move: an opening gambit to extract concessions, much like his previous playbook with Mexico and Canada, rather than an outright commitment to a full-scale tariff war,” added the investor note.
Last Friday, Apr25 Brent futures closed at $74.66/b, while Mar24 WTI settled at $71/b.