

EBC Markets Briefing | Oil prices ease on more OPEC+ output

Oil prices eased on Thursday after surging the day on the positive sentiment from a sizable draw in US gasoline stocks. Traders have slashed bullish bets on crude oil, with WTI net long positions at a 15-year low in February.

Cooler inflation last month leaves the door open for the Fed to resume cutting interest rates by mid-year, but the central bank remains worried that tariffs could rekindle price pressures. US crude stockpiles rose by 1.4 million barrels in the latest week, EIA data showed, less than the 2 million-barrel rise analysts had expected. Gasoline inventories also fell more than expected. Canada could impose non-tariff measures such as restricting its oil exports to the US or levying export duties on products if the trade dispute escalates, the country's energy minister Jonathan Wilkinson said on Tuesday. Trump threatened on Wednesday to escalate a global trade war with further tariffs on EU goods. His unpredictability has rattled investors, consumers and business confidence and raised recession fears. OPEC's monthly report showed OPEC+ raised output in February by 363,000 barrels per day, though the group kept its forecasts for relatively strong growth in global oil demand in 2025.

WTI crude has recently digested its heavy losses with the initial resistance around $68. A break above the level could lead the price to $70. EBC Wealth Management Expertise Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Group Corporate News or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Learn more

Contact:

mkt@ebc.com

Disclaimer:

Investment involves risk. The content of this report is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

Publication date:

2025-03-13 10:06:20 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.

​EBC Markets Briefing | Oil prices ease on more OPEC+ output

EBC Markets Briefing | Oil prices ease on more OPEC+ output