Oil prices remain flat as markets assess impact of trade tensions

Oil prices were little changed early on Wednesday. A shift in US President Donald Trump’s tariff policy added to market uncertainty. Besides, investors are assessing the potential impact of trade tensions between the US and China, the world's largest economies, on energy consumption, Reuters reports.

The International Energy Agency forecasts global oil demand to rise 730,000 barrels per day this year, the slowest pace in five years. The growth rate of US crude output will also decline due to tariffs imposed by Trump and US trading partners’ retaliation. 

CEO of Emori Fund Management, Tetsu Emori, believes a US stock market rebound could push WTI crude prices up to $65. Otherwise, prices for this grade will remain near $60.

Concerns about tightening US trade policy combined with OPEC+ production hikes have already dragged oil down roughly 13% so far in April, Reuters says.