Wedoany.com Report-Apr. 2, Oil prices held steady on Wednesday after thin trading, following a drop on Tuesday driven by worries over potential new U.S. tariffs. These tariffs, set to be detailed later, could spark a broader trade conflict, possibly reducing global crude oil demand.

On Tuesday, Brent crude futures dipped 0.4% to $74.49 per barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up 3 cents to $71.23 per barrel. The market’s cautious mood reflected uncertainty about how trade shifts might affect oil consumption.

In the U.S., the top oil producer and consumer, inventory data painted a varied picture. The American Petroleum Institute reported a 6 million-barrel increase in crude oil stocks for the week ending March 28. Meanwhile, gasoline stocks dropped by 1.6 million barrels, and distillate inventories fell by 11,000 barrels, suggesting mixed signals on supply and demand.

Wednesday’s price stability came as traders assessed these inventory changes against the looming tariff news, balancing concerns over demand with current stock levels. The situation remains fluid, with market attention fixed on forthcoming U.S. policy updates and their potential impact on global oil flows.