Oil Prices Rise Amid Economic Slowdown Fears and Tariff Impacts

Oil prices experienced a slight increase on Wednesday, March 12, supported by a weaker dollar. Brent crude futures rose by 0.39% to $69.83 a barrel, while U.S. West Texas Intermediate crude futures increased by 0.44% to $66.54 a barrel at 0110 GMT. Despite the positive movement, concerns persist regarding a potential U.S. economic slowdown and the impact of tariffs on global economic growth, which are limiting further gains. U.S. stock prices fell, reflecting investor unease over increased tariffs and declining consumer sentiment. U.S. crude oil production is projected to reach a record average of 13.61 million barrels per day this year, according to the U.S. Energy Information Administration. Investors are also awaiting U.S. inflation data and closely monitoring OPEC+ plans to increase output in April. U.S. crude oil stockpiles rose by 4.2 million barrels in the week ending March 7, according to the American Petroleum Institute.