Oil prices rebounded nearly 2% after three weeks of losses, driven by tightening supply conditions. Russian oil production fell to 8.962 million barrels per day (bpd) in January, missing its OPEC+ quota by 16,000 bpd and fueling supply concerns.
Additionally, sanctions on Russian and Iranian oil shipments have disrupted trade flows to major importers like China and India. Meanwhile, fresh 25% U.S. tariffs on steel and aluminum, along with 10% duties on Chinese imports, have raised fears of slower economic growth and weaker energy demand.
With the Federal Reserve delaying expected rate cuts, crude and natural gas markets remain volatile, navigating the complex interplay of supply risks and macroeconomic uncertainty.
