Brent closes higher, nears $75

Oil drilling rigs

Oil prices closed higher today, April 2, as markets assessed US inventory data that showed increased demand during the week ended March 28.

Brent crude futures for June delivery rose 0.6%, or 46 cents, to $74.95 a barrel, after touching $73.85.

WTI crude futures for May delivery rose 0.7%, or 51 cents, to $71.71 a barrel, after falling to $70.61.

Data from the Energy Information Administration revealed that US crude oil inventories increased by 6.2 million barrels last week, as oil demand—measured by finished products supplied to the market—rose by about 885,000 barrels to 20.1 million barrels per day.

Gains were limited by concerns about a slowdown in global economic activity as a result of the reciprocal tariffs that US President Donald Trump intends to announce later today, targeting all countries that impose trade barriers on his country's exports.