DTN Oil Update
Oil Futures Settle Higher on Tariff Relief; US Dollar Weakens
TACOMA, Wash. (DTN) -- Oil futures settled higher Monday after the U.S. government exempted certain Chinese electronics from newly imposed tariffs. The move removed smartphones, computers, and similar goods from a 125% import tax.
The front-month NYMEX WTI futures contract settled at $62.68 barrel (bbl), up $0.13. Brent futures contract for June delivery settled at $64.99 bbl, a $0.23 increase from the previous trading session.
The May RBOB futures contract rose by $0.0270 to $2.0489 gallon. ULSD increased by $0.0283 to settle at $2.0936 gallon.
The U.S. dollar index remained under pressure due to the tariff war, falling by 0.562 to 99.33 against a basket of foreign currencies.
Last Friday, April 11, the White House announced tariff exemptions on smartphones and other electronics, which were clarified in a public address on Sunday. U.S. President Donald Trump stated that while certain electronics were excluded from the 125% tariff, they would continue to face the 20% baseline rate.
This week, the International Energy Agency and the Organization of the Petroleum Exporting Countries are scheduled to release their respective April oil market reports. These reports are expected to reflect changes in global trade policies and revised outlooks for oil demand.
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