Market Reacts to Mixed Signals from Trump Administration

Oil prices experienced a notable increase of over 1% this Thursday, as the market grapples with mixed signals from the Trump administration regarding impending tariffs. Kevin Hassett, the United States Director of the National Economic Council, indicated that President Donald Trump would make a decision on tariffs after the release of a study on April 1. However, Trump later confirmed via social media that tariffs on imports from Canada, Mexico, and China would be implemented by March 4.

Impact of Trump's Decision on Venezuela Oil Deal

Adding to the market's uncertainty, President Trump decided to revoke Chevron Corp.'s agreement with the Venezuelan government concerning oil extraction. This move has further complicated the global oil supply chain, contributing to the volatility in oil prices.

Current Oil Prices

As of 9:10 am ET, West Texas Intermediate (WTI) for April deliveries saw a 1.51% increase, reaching $69.85 per barrel. Similarly, Brent crude for April settlements rose by 1.31%, selling for $73.68 per barrel at the same time.