Overview

• Oil prices experienced fluctuations this week, with Brent crude hovering near $73 per barrel and WTI crude near $70 per barrel after hitting two-month lows earlier.
• President Trump's cancellation of Chevron's license to export Venezuelan crude has heightened supply concerns, potentially reducing Venezuela's oil production by 240,000 barrels per day.
• Upcoming tariffs on Canadian and Mexican imports, set to take effect March 4, are expected to impact oil trade dynamics, with Canadian producers likely absorbing most costs initially.
• OPEC+ is deliberating whether to proceed with planned production increases in April, as global supply uncertainties persist due to U.S. sanctions on Venezuela, Iran, and Russia.
• Market sentiment remains mixed due to competing factors, including optimism over potential Russia-Ukraine peace talks and concerns about a slowing U.S. economy and rising fuel inventories.