Insignia Consultants | Oil up on tighter supply risks; views mixed on Trump's auto tariff impact
Oil up on tighter supply risks; views mixed on Trump's auto tariff impact
TOKYO, March 27 (Reuters) - Oil prices nudged higher on Thursday on concerns about tighter global supply after the U.S. tariff threat on Venezuelan oil buyers, while market players also grappled with the impact of Donald Trump's latest announcement on auto-sector tariffs.
Brent crude futures were up 14 cents, or 0.2%, at $73.93 a barrel. U.S. West Texas Intermediate crude futures also rose 14 cents, or 0.2%, to $69.79 a barrel at 0049 GMT.
On Wednesday, oil prices rose by around 1% on government data showing U.S. crude oil and fuel inventories fell last week, and on the U.S. threat of tariffs on nations buying Venezuelan crude.
India's Reliance Industries (RELI.NS), opens new tab, operator of the world's biggest refining complex, will halt Venezuelan oil imports following the tariff announcement, sources said on Wednesday.
Traders and investors were still assessing the impact on oil demand from U.S. President Trump's latest announcement of a 25% tariff on imported cars and light trucks from next week. The view was that it could drive auto prices up, potentially impacting demand for oil, but also slow down the switch to greener cars.
