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Crude Oil - Oil steadies near $75 as market weighs tariffs, sanctions
01-04-2025 02:50
Oil prices steadied near five-week highs on Tuesday as threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran countered worries about the impact of a trade war on global growth.
Weak oil prices adds to strain on Saudi mega-projects
Demand growth has been weak, oil output has increased elsewhere and some Opec+ members have pumped above their quotas, resulting in benchmark crude prices dropping to a three-year low of $68 per barrel this month. The IMF last October projected the kingdom’s oil break-even price to be about $91 per barrel this year.