Oil prices were edging higher in early trade after U.S. President Donald Trump delayed immediate plans to impose reciprocal tariffs, easing fears of a trade war that could hurt global growth and demand for crude.
Brent was up 0.6% at $75.48 a barrel, while WTI rose 0.5% to $71.64 a barrel.
Trump’s decision to have federal agencies study how to adjust tariffs to match those of other countries by April 1 provided some temporary relief to the market and pushed down the U.S. dollar.