市場分析

Crude Oil Climbs on Weak Dollar, Yet Trade and Economic Risks Loom

Amos Simanungkalit · 12 Mar13.7K 閱讀

Image Credit: Reuters

Oil prices edged higher on Wednesday, supported by a weaker dollar, but concerns over a potential U.S. economic slowdown and the impact of tariffs on global growth capped the gains.

Brent crude futures rose by 27 cents, or 0.39%, to $69.83 per barrel at 0110 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 29 cents, or 0.44%, to $66.54 per barrel. Despite the grim economic outlook, oil prices remained steady, indicating that short-term demand for crude is still strong, according to Daniel Hynes, senior commodity strategist at ANZ.

The U.S. dollar index, which dropped 0.5% to reach new lows for 2025 on Tuesday, helped boost oil prices by making crude cheaper for foreign buyers. However, U.S. stock prices also fell again on Tuesday, continuing the largest selloff in months, as investors were shaken by the tariff increase and declining consumer sentiment.

Trump's protectionist policies have rattled global markets, with tariffs imposed and then delayed on major oil suppliers like Canada and Mexico, as well as increased duties on China, leading to retaliatory actions.

Over the weekend, Trump hinted at a "period of transition" and refrained from ruling out a U.S. recession.

On the supply side, U.S. crude production is expected to hit a record high this year, surpassing previous forecasts, with an average output of 13.61 million barrels per day, according to the U.S. Energy Information Administration.

Investors are also awaiting U.S. inflation data, due later on Wednesday, for signals on the future of interest rates, while keeping an eye on OPEC+ plans, which include increasing output in April.

Additionally, U.S. crude oil inventories increased by 4.2 million barrels in the week ending March 7, according to data from the American Petroleum Institute. Investors are now waiting for official government data on stockpiles to guide further market movements.