Stock Market News: S&P 500 Set to Open Up, Close to Record High
Oil prices were edging higher in early trade after U.S. President Donald Trump delayed immediate plans to impose reciprocal tariffs, easing fears of a trade war that could hurt global growth and demand for crude.
Brent was up 0.6% at $75.48 a barrel, while WTI rose 0.5% to $71.64 a barrel.
Trump’s decision to have federal agencies study how to adjust tariffs to match those of other countries by April 1 provided some temporary relief to the market and pushed down the U.S. dollar.
Meanwhile, the IEA lifted its oil-demand growth forecast and lowered its expectations for a global oil surplus this year, providing further support to market sentiment.
Still, gains continue to be capped by persistent fears of escalating trade tensions and prospects of a potential peace deal between Russia and Ukraine.