Rising Tensions and Market Reactions

Crude oil prices saw a significant increase on Wednesday, fueled by escalating trade tensions between the United States and Canada, as well as between the US and the European Union (EU). The market's response was also influenced by the latest US crude oil inventories report, which showed a smaller-than-expected rise in stockpiles.

Canada's Retaliatory Measures

In a move that has further strained relations, Canada announced counter duties on US goods worth $20.7 billion. This development has added another layer of complexity to the ongoing trade disputes, impacting global oil prices.

Price Movements

West Texas Intermediate for April deliveries climbed 1.9% to $67.41 per barrel, while Brent for May deliveries increased by 1.5% to $70.57 per barrel, reflecting the market's reaction to these unfolding events.