Brent crude oil futures fluctuated around $69 per barrel on Thursday, after dropping to a multi-year low of $68.34 the previous session.
Prices faced pressure from ongoing trade tensions, with the U.S. imposing tariffs on Canadian and Mexican goods, including energy imports, while OPEC+ plans to raise output.
Additionally, the U.S. is considering exempting automakers from the 25% tariff, with reports suggesting President Trump may eliminate the 10% tariff on Canadian energy imports like crude and gasoline.
OPEC+, which includes Russia, agreed on Monday to increase production for the first time since 2022.
Furthermore, U.S. crude inventories rose more than expected, driven by seasonal refinery maintenance, while gasoline and distillate stocks declined due to increased exports, according to the Energy Information Administration.