Oil prices remain stable a day after Trump announced plans to impose a 25% tariff on all countries importing oil from Venezuela.

This is reported by Reuters.

Brent crude futures rose by 1 cent to $73.01 per barrel. Meanwhile, American West Texas Intermediate oil fell by 1 cent to $69.10.

Both benchmarks gained more than 1% on Monday following Trump's threat of a 25% tariff for nations importing oil and gas from Venezuela.

“We expect the WTI price to stay around $70 until the year's end, with a possible seasonal increase as the U.S. and other countries enter the driving season,” said Tsuyoshi Ueno, a senior economist at the NLI Research Institute.

Reminder:

OPEC+ is likely to stick to its plan to increase oil production for the second consecutive month in May.