West Texas Intermediate (WTI) crude oil prices remained stable at approximately $61.10 during Asian trading hours on Tuesday. Market sentiment was supported by recent remarks from U.S. President Donald Trump, who hinted at the possibility of new tariff exemptions, fueling potential upside for oil prices.
On Monday, Trump suggested he is considering temporary relief from the 25% tariffs on the automotive sector, providing manufacturers with additional time to adjust their supply chains. He also announced exemptions for key technology products under his newly proposed “reciprocal” tariffs, a move that helped boost global risk sentiment.
Additionally, crude prices gained traction after the Trump administration revealed tariff exclusions for smartphones, computers, and other electronics—many of which are sourced from China.
Oil prices also received a boost from a notable rebound in Chinese crude imports. Data released on Monday showed that China’s crude oil imports in March increased by nearly 5% compared to the previous year, partly driven by increased purchases of Iranian oil in anticipation of tighter U.S. sanctions.
However, the potential for further price gains remains limited as OPEC+—the coalition of OPEC and allied oil-producing countries—revised its oil demand growth forecasts downward for 2025 and 2026. The group now expects demand to increase by 1.3 million barrels per day (bpd) in 2025 and 1.28 million bpd in 2026, lower than previous forecasts of 1.45 million and 1.43 million bpd, respectively. This revision was attributed to weak first-quarter data and the impact of new U.S. trade measures.
