Oil Market Outlook

Oil recorded its third weekly advance, even as the market braced for impact from more US tariffs, including a 25% levy on all imported automobiles, due this week.

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Oil traders are weighing the implications of President Donald Trump's threatened 25% tariff on countries importing oil and gas from Venezuela. This could force some Chinese refineries, which rely on Venezuelan crude, to find other suppliers.

Traders are also monitoring attempts by the US to broker a ceasefire between Russia and Ukraine.

The two sides agreed to ban attacks in the Black Sea but Russia wants some sanctions eased first, which could include oil exports. An agreement to stop attacks on energy infrastructure was also reached but the two sides have accused each other of breaking it.