Oil prices were steady following a decrease in U.S. crude inventories, which dropped significantly for the first time since December, indicating a possible tight supply situation in the near future.

The price of Brent remained close to $74 after climbing 1.1% on the previous day, while West Texas Intermediate was slightly below $70. U.S. crude stockpiles decreased by 3.34 million barrels in the past week, reaching the lowest level in a month. Additionally, gasoline inventories also showed a decline based on official statistics.

Oil prices have been on an upward trend since the beginning of March due to sanctions and tariffs imposed by the Trump administration, which have heightened concerns about potential disruptions in supply from countries like Iran and Venezuela. As a result, traders have been opting for bullish oil options to protect themselves against sudden price surges.

Although worries persist about the impact of tariffs on global economic growth and consequently on fuel demand, some key oil traders, including Trafigura Group and Gunvor Group, hold a negative outlook on crude prices for the remainder of the year due to increasing supply, especially from non-OPEC+ countries. Moreover, OPEC+ is planning to gradually resume production starting next month, which is anticipated to be the first of several planned production increases.

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