Oil prices rebound with profit-taking

Record ID: 1969084

  • Title: Oil prices rebound with profit-taking
  • Date: 8th April 2025
  • Summary: Oil prices rebound with profit-taking SHOTLIST NEW YORK, UNITED STATES (MARCH 8, 2022) (ANADOLU – ACCESS ALL) (FILE FOOTAGE) 1. VARIOUS DRONE SHOTS SHOWING PHILIPS 66 OIL REFINERY NEW YORK, UNITED STATES (MARCH 8, 2022) (ANADOLU – ACCESS ALL) (FILE FOOTAGE) 2. VARIOUS DRONE SHOTS SHOWING PHILIPS 66 OIL REFINERY ELMET, TATARSTAN (RECENT, 2023) (ANADOLU – ACCESS ALL) (FILE FOOTAGE) 3. VARIOUS OF OIL WELLS AT TANEFT FIELDS 4. VARIOUS OF STAFF WORKING NEAR OIL WELLS 5. VARIOUS OF OIL WELLS SCRIPT Oil prices rebounded on Tuesday, Apr. 8, with profit-taking by investors, recovering part of their previous losses caused by concerns that US-initiated trade wars would weaken global demand, while OPEC+ unveiled plans to ramp up production in May. International benchmark Brent crude rose by around 0.3%, trading at $64.49 per barrel at 10.12 a.m. local time (0712 GMT), up from $64.29 at the previous session's close. US benchmark West Texas Intermediate rose about 0.2%, settling at $60.95 per barrel, compared to its prior session close of $60.80. Following US President Donald Trump's announcement of strict tariffs against several major economies, oil prices hit their lowest level in four years. Prices partially recovered with investors looking to take advantage of low pricing through profit-taking. Trump's protectionist trade policies continue to be a global source of uncertainty, and retaliatory actions in response to these moves are keeping risk perceptions elevated. In response to a question about whether the tariffs are part of a negotiation strategy or permanent, Trump stated, "There can be permanent tariffs and there can also be negotiations because there are things that we need beyond tariffs." Trump also reiterated that if China does not withdraw its 34% retaliatory tariffs, the US would impose an additional 50% tariff on Chinese goods. Meanwhile, EU Trade Commissioner Maros Sefcovic commented, "The US tariffs now affect €380 billion ($416.8 billion) worth of EU exports—around 70% of the total—with duties ranging from 20% to over 25%. The current trade situation with the United States, our most significant partner, is in a tough spot." Sefcovic emphasized that the US views tariffs not as a tactical move but as a corrective measure, adding, they are ready to come to the negotiating table when their American counterparts are prepared. Meanwhile, Saudi Arabia announced that it would lower crude oil prices for sales to Asia in May to the lowest level in the past four months. This statement followed an announcement from OPEC and the OPEC+ alliance—comprising OPEC members and select non-OPEC producers—that they would accelerate their production increase plans. The group stated it would raise output in May by 411,000 barrels per day, equivalent to a three-month increase.
  • Embargoed:
  • Keywords:
  • Location: No-Data-Available
  • Topics: Current or spot news
  • Reuters ID: OWANACAAVIDEO2025040837565689
  • Aspect Ratio: 16:9
  • Story Text:
  • Copyright Holder: Anadolu Agency
  • Copyright Notice: This asset – including all text, audio and imagery – is provided by a third party. Screenocean has not verified or endorsed the material, which is being made available to professional media customers to facilitate the free flow of global news and information.
  • Usage Terms/Restrictions: Broadcasters: NONE Digital: NONE . For Reuters customers only.
Register