25 March | Oil

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

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.

Elena Dorohina MarketCheese
Period: 16.05.2025 Expectation: 600 pips
AUDUSD will resume growth to 0.64900
Today at 10:59 AM 41
Period: 24.05.2025 Expectation: 4240 pips
USDJPY could extend its rally toward target level of 150.30
Today at 08:56 AM 39
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Period: 23.05.2025 Expectation: 45000 pips
ETHUSD pulls back ahead of new growth wave
Today at 08:54 AM 37
Period: 25.05.2025 Expectation: 156 pips
Selling natural gas with target of 3,300 amid lower demand due to mild weather
Today at 06:43 AM 28
Period: 15.05.2025 Expectation: 1150 pips
EURUSD is expected to decline to 1.10800
Yesterday at 11:04 AM 72
Period: 22.05.2025 Expectation: 2720 pips
USDCAD pair aims for recovery after local decline
Yesterday at 08:06 AM 44
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Go to forecasts