• The prices of WTI will drift up to almost 70.95 USD in Wednesday’s early Asian session.
• Trump threatened Russia with crude oil tariffs if Moscow tried to block efforts to end the war in Ukraine.
• According to API, oil inventory in the US increased by 6.037 million barrels last week.

West Texas Intermediate (WTI), an American oil reference point, trads around 70.95 USD on Tuesday in an early Asian session. Prices of the edge above among the worries from the supply after US President Donald Trump threatened Russia with oil tariffs. However, the advantage of black gold can be restricted because traders prepared for mutual tariffs, which Trump is to announce on Wednesday.

Trump said on Sunday that he was “pissed” as President of Russian Vladimir Putin and would impose secondary tariffs of 25% to 50% on buyers of Russian oil, if he feels that Moscow blocks his efforts to end the war in Ukraine. Trump threatened Iran at the weekend at the weekend bombing and secondary tariffs, if Tehran did not agree with Washington regarding the nuclear program. The growing geopolitical risk can disturb the global supply, which can escalate the price of WTI.

On the other hand, the price of WTI will remain under pressure due to the car and the Trump’s mutual tariffs. Trump said that on Wednesday he would impose “mutual tariffs”, suggesting that many countries with their own duties on American goods can suddenly face modern trade barriers. The White House did not provide any details about the size and range of tariffs, which confirmed that Trump would impose later on the same day.

The weekly report American Petroleum Institute (API) showed that oil reserves in the United States ended on March 28 increased by 6.037 million barrels, compared to a drop in 4.6 million barrels last week. Until now, this year oil reserves have increased by almost 23 million barrels, according to the API price calculations.

Operal oil traders will monitor the meeting of the OPEC+ ministerial committee on Saturday to review politics. According to the sources of Reuters, OPEC+ plans to escalate production by 135,000 barrels a day in May. OPEC+ agreed to a similar escalate in production in April.