Oil prices rise 1%, Brent closes at $73

24/03/2025 Argaam

Oil prices dip, Brent at $72

Oil drilling rigs

Oil prices extended gains today, March 24, following comments by US President Donald Trump about imposing tariffs on any country that buys Venezuelan crude.

 

Brent crude futures for May delivery rose 1.15%, or 84 cents, to close at $73 a barrel.

 

WTI crude futures for May delivery (the most active) gained 1.2%, or 83 cents, to $69.11 a barrel.

 

Trump said in a post on Truth Social that any country that buys oil or gas from Venezuela will face a 25% tariff on its trade with the US, starting April 2.

 

According to the preliminary reading in a Standard & Poor's Global survey, the US composite Purchasing Managers' Index (PMI) rose to 53.5 points in March, up from 51.6 points in February, marking the highest level of economic activity in three months.

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