Oil prices edge higher, persistent tariff concerns limit larger gains

Oil prices today are up by around one percent. Persistent concerns about the introduction of tariffs and US monetary policy are limiting larger gains.

At around 17:00 CEST, North Sea Brent crude was up around 1.2 percent, trading at around 67 dollars a barrel. US light crude West Texas Intermediate (WTI) was up about 1.3 percent, at just over 63.90 dollars a barrel.

On Monday, both Brent and WTI fell by more than two percent. They declined alongside stocks amid signs of progress in talks on a nuclear deal between the US and Iran, which helped ease concerns about supply.

A preliminary Reuters poll on Monday, ahead of the release of weekly reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA), showed that US crude oil and gasoline inventories fell last week, while distillate inventories likely declined.

Oil prices in dollars per barrel (about 159 litres):