BEIJING: Oil prices edged higher on Tuesday, buoyed by signals of possible US tariff exemptions and a rebound in China’s crude oil imports, which offset broader market uncertainty.
Brent crude futures rose by 12 cents, or 0.2%, reaching $65 per barrel by 0350 GMT. US West Texas Intermediate (WTI) crude also climbed 13 cents, or 0.2%, to $61.66 per barrel.
Investor sentiment improved after US President Donald Trump suggested possible relief on auto tariffs and granted exemptions on certain electronic goods, including smartphones and computers, largely imported from China.
“These moves offered temporary relief to risk assets like oil,” said independent analyst Tina Teng. “Still, markets remain cautious due to the unpredictability of US trade policies.”
Trump’s shifting stance on trade has injected volatility into global markets. On Monday, OPEC cut its oil demand forecast for the first time since December, citing trade-related uncertainties.
Meanwhile, oil found further support from data showing China’s crude imports rose nearly 5% year-on-year in March, amid a rush to secure Iranian oil before stricter US sanctions.
Analysts at ING noted that the market is balancing rapid policy changes with developments in US-Iran nuclear talks, with tariffs seen as a key driver of oil demand outlooks.
Adding to supply-side factors, Kazakhstan reported a 3% drop in oil output in early April, though production remains above its OPEC+ quota.
