Oil Prices Recover Slightly After Multi-Year Lows

Tariffs, rising U.S. crude inventories, and an OPEC+ output hike weigh on global oil markets despite modest recovery.

Brent crude rose to $69.58 per barrel and WTI to $66.63 after hitting multi-year lows earlier this week.
U.S. tariffs on Canadian and Mexican goods, including energy imports, have disrupted trade flows and reduced global energy demand.
OPEC+ announced its first output increase since 2022, adding pressure to already declining prices.
U.S. crude inventories rose by 3.6 million barrels last week, exceeding expectations, while gasoline and distillate inventories fell due to higher exports.
The U.S. is considering easing some tariffs on Canadian energy imports, which could provide limited relief to markets.