Oil Prices Set to End 3-week Losing Streak

Oil prices rose in early trade on Friday, signaling an end to a three-week losing streak. 

Prices were supported by rising fuel demand and expectations that U.S. President Donald Trump’s plans to roll back tariffs will be delayed until April, giving markets a chance to avoid an escalation in the trade conflict.

Brent crude futures rose 19 cents to $75.25 a barrel, while U.S. West Texas Intermediate crude rose 12 cents to $71.41 a barrel.

Brent crude rose 0.7% on the week, while WTI crude rose 0.5%.

Latest Oil Prices

WTI Crude $70.72 -0.57 -0.80%

Brent Crude  $74.73 -0.29 -0.39%

Murban Crude $77.03 -0.04 -0.05%

Louisiana Light $75.01 -0.01 -0.01%

Bonny Light $78.62 -2.30 -2.84%

Mars US $73.56 -1.20 -1.61%

Gasoline  $2.086 -0.024 -1.15%

Natural Gas $3.735 +0.107 +2.95%

Global oil demand rose to 103.4 million barrels per day, a report from JPMorgan showed today. That’s up 1.4 million barrels per day from a year earlier.

Demand for gasoline and heating oil started weak but recovered in the second half of February, suggesting the gap between actual consumption and expectations is narrowing.

Demand for heating fuel is expected to rise again as high gas prices in Europe are likely to prompt some countries to turn to oil as an alternative energy source.

US President Donald Trump has instructed trade and economic officials to study imposing reverse tariffs on countries that tax US products. Final recommendations are due by April 1.