Market turbulence follows Washington's latest trade policy moves.
Refinery giant Reliance Industries signals supply chain adjustments amid Venezuela sanctions.
Automotive sector tariffs create ripple effects across commodity markets.
West Texas Intermediate futures slipped to $69.20 per barrel during Thursday's European session,bitcoin mining reddit interrupting a three-day upward trajectory. The pullback reflects trader caution as the White House implements 25% duties on imported vehicles effective April 2, while ongoing concerns persist regarding crude supply disruptions from sanctioned nations.
Industry sources indicate India's Jamnagar refinery complex, operated by Reliance Industries, may suspend Venezuelan crude purchases in response to evolving trade policies. This development could potentially remove significant volumes from global markets, compounding existing supply uncertainties.
The automotive tariff announcement represents the latest escalation in international trade disputes, though some market observers note potential secondary effects on energy demand. Analysts suggest higher vehicle prices might delay consumer transitions to fuel-efficient models, potentially supporting traditional gasoline consumption patterns.
Wednesday's trading session saw approximately 1% gains for crude benchmarks, supported by EIA data showing a 3.34 million barrel drawdown in US inventories - the most substantial weekly reduction since December. Concurrent declines in gasoline stockpiles further reinforced bullish sentiment before the tariff announcement shifted market dynamics.
Geopolitical developments continue influencing energy markets, with potential easing of Russian energy sanctions and OPEC+ production policy discussions creating competing pressures. Meanwhile, Iraq's announced plans to boost output capacity beyond 6 million bpd within the decade introduce additional long-term supply considerations for traders.