Oil prices barely changed amid US plans to impose tariffs on countries buying crude from Venezuela

Oil prices barely changed on Tuesday after US President Donald Trump announced his intention to impose duties on countries buying oil and gas from Venezuela, Reuters reports.

According to NLI's analyst Tsuyoshi Ueno, investors are concerned that multiple US import tariffs could slow the global economy and curb oil demand. Meanwhile, tighter restrictions on Venezuelan and Iranian oil could constrain supply. The firm expects that until the end of the year, WTI crude will stay around $70 with potential seasonal gains. 

On Monday, the Trump administration extended a deadline to May 27 for US company Chevron to wind down its operations in Venezuela, Reuters notes.

Trump also said he intends to issue automobile tariffs soon. However, not all duties will be imposed on April 2, and some countries may get breaks.

Meanwhile, OPEC+ is likely to stick to its plan to increase oil production due to steady prices, Reuters suggests.