Oil Gains on Tariff Exemptions, USD Slips Further


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Oil futures inched higher Monday morning, in part supported 
by tariff exemptions on certain electronic goods imports from China announced 
Friday. Gains were kept in check by indirect negotiations between Iran and the 
United States over the weekend and a broader underlying bearish sentiment 
amplified by the Sino-American trade war.

   The front-month NYMEX WTI crude contract rose by $0.58 to $62.16 bbl while 
the ICE Brent futures contract for June delivery gained $0.59 to $65.41 bbl.

   May RBOB gasoline futures increased by $0.0347 to $2.0371 gallon. The 
front-month ULSD futures contract rose by $0.0296 to $2.0974 gallon.

   In contrast, the U.S. dollar index continued its downward slide, falling by 
0.622 points to 99.270.

   On Friday, the White House exempted electronics from the 125% import tax on 
Chinese imports. President Trump on Sunday clarified that these would still be 
subject to the initial 20% tariff.

   The IEA's and OPEC's April oil market reports, scheduled for release this 
week, will be the first by these forecasting agencies to likely incorporate the 
new reality of global trade restrictions and stymied GDP growth.




(c) Copyright 2025 DTN, LLC. All rights reserved.