Oil prices remain stable a day after President Trump announced plans to impose a 25% tariff on countries purchasing oil from Venezuela.
According to Reuters, Brent crude futures increased by 1 cent to $73.01 per barrel, while U.S. West Texas Intermediate crude fell by 1 cent to $69.10.
Both benchmarks rose more than 1% on Monday after Trump's threat to impose tariffs on oil and gas imports from Venezuela.
Senior economist Tsuyoshi Ueno stated, "We expect WTI prices to hover around $70 until the end of the year, with potential seasonal increases as the U.S. and other countries enter their driving season."
Note:
OPEC+ is likely to adhere to its plan for increasing oil production for the second consecutive month in May.
