Oil prices managed to recover slightly on Tuesday after earlier losses, as markets weighed concerns over a potential U.S. recession, the impact of tariffs on global growth, and OPEC+ plans to increase supply.
Brent crude futures rose by 18 cents, or 0.3%, reaching $69.46 per barrel at 0640 GMT, following a drop in earlier trade. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1%, to $66.12 per barrel after also experiencing declines earlier in the session.
Despite these modest gains, market participants remain cautious due to ongoing concerns about the U.S. economic outlook and global growth prospects. Additionally, OPEC+ has indicated intentions to ramp up oil production, which could put downward pressure on prices in the coming months.
The market’s mixed signals reflect the complex balance between economic risks and the potential for increased supply from major oil producers.