Oil prices were little changed on Tuesday as markets weighed the impact of newly announced U.S. tariffs on countries that buy Venezuelan oil and the uncertain outlook for global demand.
Brent crude futures were up 1 cent at $73.01 a barrel by 0424 GMT. U.S. West Texas Intermediate crude dipped 1 cent to $69.10.
Both benchmarks gained more than 1% on Monday after U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela.
Oil is Venezuela’s main export and China, which is already the subject of U.S. tariffs, is its largest buyer.
“Investors fear Trump’s various tariffs could slow the economy and curb oil demand, but the prospect of tighter U.S. sanctions on Venezuelan and Iranian oil constraining supply, along with his swift policy shifts, make it difficult to take large positions,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.
“We expect WTI to stay around $70 for the rest of the year, with potential seasonal gains as the U.S. and other countries enter the driving season,” he added.
