Brent oil price back at $75 – Commerzbank

FXStreet Insights Team FXStreet

The initial market reaction to Trump's threat of secondary tariffs on Russian oil was muted. Oil prices only started to rise in the course of trading yesterday, Commerzbank's commodity analyst Carsten Fritsch notes.

Trump is set to announce a whole series of tariffs

"This morning, Brent reached the $75 per barrel mark for the first time since the end of February. However, it is unlikely to rise much further. This is because the gradual reversal of the voluntary production cuts by eight OPEC+ countries begins today, which will increase the oil supply by just under 140 thousand barrels per day."

"At the same time, compensatory production cuts are to be made to offset previous overproduction, which could also reduce the expansion in production. However, last year's experience calls for scepticism regarding the implementation of these cuts."

"In addition, US President Trump is set to announce a whole series of tariffs, which could push demand concerns on the oil market back into focus. We can therefore envisage oil prices falling again in the coming days."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD stays below 1.1850 after dismal German sentiment data

EUR/USD stays in negative territory below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls toward 1.3550, pressured by weak UK jobs report

GBP/USD remains under bearish pressure and extends its decline below 1.3600 on Tuesday. The United Kingdom employment data suggested worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.