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Oil Steadies after steep declines push prices into oversold zone

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Published06 MAR 25 - 15:14 Reading time  minutes

“Import tariffs are ultimately inflationary and impacts consumption patterns, particularly diesel, which is strongly correlated to industrial demand,” said June Goh, a senior oil market analyst at Sparta. “The unpredictability of retaliatory and reciprocal tariffs adds further uncertainty.”

Bloomberg, March 6, 2025 – Oil prices steadied after a sharp decline, with Brent climbing toward $70 a barrel following a three-year low. Bjarne Schieldrop from SEB AB observed that Brent’s oversold status could signal a near-term uptick, though Trump’s tariffs and OPEC+’s surprise production hike continue to cloud the outlook, delaying a full surplus.

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