Oil prices remain steady ahead of new US tariffs announcement

On Wednesday, oil prices stabilized after decreasing at the yesterday's session amid concerns about new US tariffs. They will be announced today.

As noted by Reuters, tougher trade policy of the United States may slow down the global economy and curb demand for crude oil.

On Tuesday, representatives of the White House confirmed the intention of President Donald Trump to introduce new tariffs from April 2. However, so far no details on their size and scope have been reported.

At the same time, some support for oil prices was provided by Donald Trump's claims about possible introduction of restrictions on buyers of Russian oil, as well as by his plans to increase pressure on Iran's energy exports.

Meanwhile, crude inventories in the US show a mixed picture of supply and demand. According to the American Petroleum Institute (API), US crude oil reserves rose by 6 million barrels in the week to March 28. However, gasoline inventories fell by 1.6 million barrels, while distillate stocks decreased by 11,000 barrels. Official statistics from the Energy Information Administration will be released later today.