Oil Gains Slightly as OPEC+ Uncertainty Looms

 | Friday, March 21, 2025 | 3:58 PM EST

Oil steadied after a lackluster session as traders continued to weigh diverging signals over supply and demand.

West Texas Intermediate edged up 0.3% to settle above $68 a barrel, notching its second weekly gain. The US penalized a small Chinese refinery and its chief executive officer for allegedly buying Iranian oil, as well as a terminal operator. The market structure for Middle Eastern barrels strengthened after the news, with traders bracing for disruption to global flows. RBC Capital Markets LLC analysts said the “risk premium here is taken more seriously.”

Still, crude was weighed down by macroeconomic concerns over slower economic growth and its impact on oil demand, reflecting an increasingly bearish long-term outlook that also dragged on equities.

The specter of more OPEC+ supply hikes starting next month also limited this week’s gains.

Several of the cartel’s members have pledged additional cutbacks to compensate for exceeding quotas. The reductions by countries including Kazakhstan, Iraq and Russia should — in theory — offset the plans to revive halted output through to the end of next year, according to a statement on OPEC’s website.

Oil Prices:

• WTI for May delivery added 0.3% to settle at $68.28 a barrel in New York.
• Brent for May settlement advanced 0.2% to settle at $72.16 a barrel.