Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns 
Oil prices inched higher on Thursday, supported by concerns over tighter global supply following the U.S. threat to impose tariffs on countries purchasing Venezuelan crude. Brent crude futures rose by 14 cents, or 0.2%, to $73.93 a barrel, while U.S. West Texas Intermediate (WTI) crude futures also gained 14 cents to reach $69.79 a barrel by 0049 GMT.
The modest gains followed a nearly 1% rise on Wednesday after U.S. government data showed a decline in crude and fuel inventories, indicating stronger demand. Further fueling bullish sentiment, the U.S. warned of sanctions against nations continuing to import oil from Venezuela. As a result, India’s Reliance Industries, operator of the world’s largest refining complex, is set to halt Venezuelan crude imports, according to sources.
Meanwhile, market participants are weighing the impact of President Donald Trump’s announcement of a 25% tariff on imported cars and light trucks, starting next week. While higher car prices could dent consumer demand and slow oil consumption, analysts suggest the move may delay the shift to more fuel-efficient vehicles, potentially supporting oil demand in the short term.
"The news around Trump’s auto tariffs may actually benefit oil, as it slows the adoption of newer, more efficient models," said Tony Sycamore, analyst at IG.
In a broader outlook, a Dallas Fed survey revealed that U.S. oil and gas activity saw a slight uptick in Q1. However, energy executives expressed concerns over rising costs due to separate U.S. tariffs on steel and aluminum, which could hinder drilling and pipeline expansion.
Overall, a mix of geopolitical risks, trade tensions, and supply concerns continue to influence oil market sentiment, keeping prices supported.
