Oil prices are under pressure – ING

Oil prices opened lower this morning with ICE Brent extending its declines from last week, hovering around $73.5/bbl. This weakness comes after Trump said he would consider 'secondary tariffs' on Russian oil and those who buy it if a ceasefire with Ukraine can’t be reached, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Oil prices opened extend its declines from last week

"Drilling activity in the US slowed over the last week. The latest rig data from Baker Hughes shows that the number of active US oil rigs fell by two over the week to 484 as of 28 March 2025. This is the lowest level since the week ending on 14 February 2025, with the oil rig count down by 22 compared to this time last year."

"The total rig count (oil and gas combined) stood at 592 over the reporting week, slightly down from 593 a week earlier and 4.7% lower compared to the same time last year. Primary Vision’s frac spread count, which gives an idea of completion activity, also decreased by six over the week to 209."