Oil Prices Recover Slightly, but Brent Stays Below $70

Oil markets showed signs of life on Thursday, with prices edging up after hitting a multi-year low earlier in the week. However, Brent crude remains below the critical $70 per barrel threshold, weighed down by global trade tensions and OPEC+ supply adjustments.

Brent futures rose 28 cents (0.4%) to $69.58 per barrel, while WTI crude gained 36 cents (0.5%) to $66.67. This modest recovery follows a sharp decline, with Brent dipping to $68.33—its lowest since December 2021.

Trade Tariffs and OPEC+ Supply Increase Weigh on Prices

The latest price slump came after the U.S. imposed tariffs on Canadian and Mexican energy imports, creating concerns about declining demand. At the same time, OPEC+ announced its first production increase since 2022, further pressuring prices.

John Evans of oil broker PVM believes the U.S. is actively working to keep oil prices low, but warns that the market may have overreacted to recent developments.