WTI remains steady after President Trump hinted at potential new tariff exemptions for the auto industry.
China’s Oil imports in March climbed nearly 5% YoY, partly driven by increased purchases of Iranian Oil.
OPEC+ has lowered its Oil demand growth projections for both 2025 and 2026.
West Texas Intermediate (WTI) crude Oil price remains stable around $61.10 during Asian trading hours on Tuesday. A potential upside in crude prices is supported by recent comments from US President Donald Trump, who suggested the possibility of new tariff exemptions.
On Monday, Trump indicated he is considering temporary relief from the 25% tariffs on the auto sector, aiming to give manufacturers time to realign their supply chains. He also announced exemptions for key technology products under his new “reciprocal” tariffs, which helped boost global risk sentiment.
Additionally, crude prices gained momentum on Friday after the Trump administration announced tariff exclusions for smartphones, computers, and other electronic devices—many of which are sourced from China.
Oil prices also found support from a sharp rebound in Chinese crude imports. Data released on Monday showed China’s crude Oil imports in March rose nearly 5% year-over-year, fueled in part by increased purchases of Iranian Oil ahead of expected tighter US sanctions.
However, gains may be capped as OPEC+, the Organization of the Petroleum Exporting Countries and its allies, revised down its Oil demand growth forecasts for 2025 and 2026. The group now expects demand to rise by 1.3 million barrels per day (bpd) in 2025 and 1.28 million bpd in 2026—lower than previous estimates of 1.45 million and 1.43 million bpd, respectively—citing weak first-quarter data and the impact of new US trade measures.
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