Oil Futures Settle Higher on Tariff Relief, U.S. Dollar Weakens


   
Nicholas Bell
DTN Refined Fuels Market Reporter

   TACOMA, WA (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 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 (4/11) 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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