Investing.com – Crude oil prices moved higher on Thursday, recovering from losses posted after the previous session’s downbeat U.S. supply data, although gains remained limited.
The U.S. West Texas Intermediate April contract was up 12 cents or about 0.20% at $61.27 a barrel by 03:40 a.m. ET (07:40 GMT).
Elsewhere, for May delivery on the ICE Futures Exchange in London added 12 cents or about 0.16% to $64.44 a barrel.
The U.S. Energy Information Administration reported on Wednesday that crude oil inventories rose by for the week ended March 2.
While that was below expectations for a rise of 2.723 million barrels, it was the second-straight weekly build in crude stockpiles, adding to concerns that rising U.S. output could dampen global efforts to rid the market of excess supplies.
The International Energy Agency earlier in the week, saying the country would be producing a total of nearly 17 million barrels per day (bpd) in 2023.
U.S. crude oil production has already surpassed that of top exporter Saudi Arabia to 10.28 million bpd.
Markets were also jittery as U.S. President Donald Trump was expected to give more details later Thursday on his plans to impose tariffs of 25% on steel imports and 10% on aluminum imports in a recommitment to his nationalist trade agenda.
Sentiment waned after Trump’s economic adviser Gary Cohn announced on Tuesday. The decision was said to have been made following a disgreement between Cohn and the U.S. President over the import tariffs.
Traders fear that the proposed tariffs could spark inflation and provoke retaliation from U.S. trade partners. Major holders of U.S. Treasuries, including China and the European Union, could reduce their holdings of U.S. assets in response.
The White House said late Wednesday that Canada, Mexico and possibly other countries may be exempted at least for a while from the proposed tariffs.
Elsewhere, fell 0.23% to $1.913 a gallon, while held steady at $2.776 per million British thermal units.
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