WTI crude oil futures are staying supported near one-month high on Friday morning in Asia as the US threat of tariffs on countries buying Venezuelan production supports prices. US President Donald Trump announced a 25% secondary tariff on nations that buy Venezuelan oil or gas, effective April 2. Besides, decline in crude oil inventories also provides some support to the crude oil prices. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending March 21 fell by 3.341 million barrels, compared to an increase of 1.745 million barrels in the previous week. Currently, the counter is quoting at $69.93 per barrel, almost flat on the day. Powered by Commodity Insights |