Oil Futures Rise Ahead of EIA Report

The prices of oil futures saw a significant increase on Wednesday, as the market anticipates the Energy Information Administration's (EIA) latest report on oil inventories in the United States. This comes after API data revealed a sharper-than-expected decline in US crude oil inventories, dropping by 4.6 million barrels last week against forecasts of a 2.5 million-barrel decrease.

Trump's Tariffs on Venezuelan Oil Imports

Adding to the market's volatility, President Trump signed an order imposing a 25% tariff on imports from countries purchasing Venezuelan oil. This move could potentially disrupt oil flows to major refiners, particularly in China, India, and Spain, further fueling supply concerns.

Market Reaction

West Texas Intermediate (WTI) for May deliveries climbed by 1.45% to $70.00 per barrel, while Brent for May's settlements increased by 1.29% to $73.96 per barrel, reflecting the market's nervousness ahead of the EIA report.