(XOP)

WTI crude dropped near $69 after a 6M barrel inventory build. Can demand recover amid geopolitical tensions and rising Canadian imports?

WTI crude oil has hit the resistance at $72.50, while natural gas remains bullish within its upward price structure.

Oil slid in the morning Asian session as President Trump's tariff announcement sparked fears of a global economic slowdown that could reduce oil demand.

Imports of oil, gas and refined products were exempted from U.S. President Donald Trump's sweeping new tariffs, the White House said on Wednesday.

Oil markets are moving higher as traders bet on tight supply.

Gasoline inventories fell by 1.6 million barrels from the previous week.

The oil market continues to see a lot of overhead resistance at the moment, but I still think this is a situation where we are still buyers of dips going forward.

Rising U.S. trade tensions and looming OPEC+ talks drive volatility in oil and gas markets, with WTI holding near $71 and Natural Gas near $3.95.

Oil prices steadied on Wednesday after falling in the previous session on concerns new U.S. tariffs set to be unveiled later in the day may deepen a global trade war that could limit crude demand.