Crude Oil Extends Gains as Supply Risks Offset Trade Tariff Concerns
Oil prices continued their upward momentum on Tuesday, bolstered by tightening supply signals from Russia and Iran. Traders have been quick to re-enter long positions after crude built a support base inside the $72.11 to $70.38 retracement zone, pushing prices above key moving averages. However, lingering concerns over U.S. trade tariffs pose a potential cap on further gains.
At 10:19 GMT, Light Crude Oil futures are trading $73.23, up $0.91 or +1.26%.
Financial Market Newsflash
Tuesday, April 22, 2025
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