Oil prices ticked higher on Wednesday, supported by a weaker U.S. dollar, yet lingering fears of a potential U.S. economic slowdown and the impact of tariffs limited gains.

Key Market Moves
? Brent crude futures rose $0.13 (0.2%) to $69.69 per barrel.? West Texas Intermediate (WTI) crude futures increased $0.13 (0.2%) to $66.38 per barrel.

Market Drivers
? Weaker U.S. Dollar: The dollar index dropped 0.5%, hitting fresh 2025 lows. This made oil cheaper for international buyers, boosting demand.? Strong Near-Term Demand: Despite economic concerns, analysts highlight firm short-term crude demand.? Economic Slowdown Fears: Concerns about a U.S. recession and tariff-related growth risks have kept market sentiment fragile.? Geopolitical Uncertainty: President Donald Trump’s fluctuating tariff strategies, particularly on key oil suppliers like Canada, Mexico, and China, continue to weigh on investor confidence.

Analyst Insights

Daniel Hynes (ANZ): “Near-term demand for crude remains strong despite broader economic concerns.”
Priyanka Sachdeva (Phillip Nova): “The dollar’s weakness provides some support, but this may be short-lived.”
Yeap Jun Rong (IG): “Tariff uncertainties and U.S. growth concerns are keeping oil market sentiment in check.”

Investment Insights
For investors monitoring energy markets, tracking oil price volatility alongside economic indicators can reveal valuable trends. The Commodities Prices API offers real-time data on crude oil prices, enabling data-driven investment decisions in this volatile environment.