New york: Oil prices remained steady on Thursday as investors considered the potential implications of U.S. President Donald Trump's tariffs on global economic growth. At the same time, a weaker dollar and indications of robust U.S. gasoline demand supported prices.
According to Bahrain News Agency, Brent crude futures increased by 4 cents to $70.23 a barrel by 0600 GMT. Meanwhile, U.S. West Texas Intermediate crude experienced a minor decline, falling 1 cent to $68.37 a barrel.
Further influencing prices, U.S. crude stockpiles saw an increase, whereas gasoline and distillate inventories decreased last week, as reported by the Energy Information Administration on Wednesday. The EIA also noted a significant rise in gasoline demand, which escalated by 6% to 9.2 million barrels per day last week.