Oil prices rebounded as stock markets rebounded on Tuesday, although concerns persisted about economic volatility caused by tariffs and U.S. monetary policy that could weaken fuel demand.
Brent crude futures rose 80 cents, or 1.2%, to $67.06 a barrel by 11:08 GMT. The U.S. West Texas Intermediate (WTI) contract for May, which ends on Tuesday, rose $1.06, or 1.7%, to $64.14.
The most traded West Texas Intermediate crude contract for June rose 86 cents, or 1.4%, to $63.27.
Bjarne Schildrup, an analyst at SEB, said: “The daily fluctuations in Brent crude prices have been fully aligned with stock price fluctuations.”
U.S. stock index futures rose on Tuesday and erased the previous session’s losses after President Donald Trump again criticized Federal Reserve Chairman Jerome Powell, warning that the U.S. economy will slow unless the Fed cuts interest rates immediately.
Brent and WTI prices fell more than 2% as a result of Monday’s stock sell-off. As signs of progress in U.S.-Iran nuclear deal talks helped ease supply concerns.
Trump’s comments on Powell have fueled concerns about the Federal Reserve’s independence in setting monetary policy and U.S. asset forecasts. Major U.S. stock indexes fell, and the dollar index fell to a three-year low on Monday.
Giovanni Stonovo, an analyst at UBS, said: “Monday’s price drop seemed a bit overpriced from my point of view, given that oil demand is still strong, so we may see some reversal today.”
Currently, the government is providing support to oil wholesalers to ensure gasoline prices remain at around 185 yen per liter. Ishiba is considering a program starting next month to set the rate of lowering the price of gasoline at 10 yen. Rather than setting gasoline targets, the sources said.
Slovenia cuts fuel prices(OIL), imposes tariffs
Prices of gasoline sold outside the highway network will fall by about 8 cents on Wednesday, returning to prices last recorded in January and February 2024. The price of a litre of regular gasoline sold outside the highway network will fall by 7.8 cents, to 1,417 euros. price of diesel will drop by 8.1 cents to 1.443 euros per liter.
The price of heating fuel will also fall, by 7.8 cents to 1.036 euros per litre. Prices will remain in place until May 5, the Ministry of Environment, Climate and Energy announced on Tuesday.
In Slovenia, the government regulates gasoline prices at stations off the highway network, but stations on highways set their own prices freely
Customs duties will not change. AND Customs duties on regular gasoline will remain at 0.49693 euros, and on diesel at 0.45878 euros. Customs duties on heating fuel will remain at 0.19522 euros. Profit margins will remain constant: €0.0994 per litre of regular petrol, €0.0983 per litre of diesel and €0.08 per litre of heating fuel.
The ministry estimates that the price of regular gasoline would be 1.497 euros if not for the regulation. While the price of a liter of diesel would be 1.525 euros.
The ministry added that gasoline prices in Slovenia will be adjusted every two weeks according to the prices of oil derivatives on the world market and the exchange rate of the euro against the dollar.
The government is not now expected to present the supplementary budget bill for fiscal year 2025. Which includes cash dividends, during the current regular session of the Japanese parliament. By applying alternative measures to the proposed additional budget.
Canada stocks rise on commodity support amid Trump, Powell tensions
Canada’s main stock index futures rose on Tuesday. Rebounding after falling in the previous session, supported by gains in commodity prices.
June futures on the S&P/TSX rose 1% at 7:23 a.m. ET Toronto’s stock exchange fell on Monday, ending its five-day winning streak, as investors were alarmed by U.S. President Donald Trump’s scathing attack on Federal Reserve Chairman Jerome Powell for not cutting interest rates.
President Powell called Powell a “big loser” in a social media post on Monday. Raising concerns about the central bank’s independence.
In the commodity market, gold prices continued their record high. Briefly surpassing $3,500 an ounce to hit an all-time high on Tuesday.
Oil prices also rose as investors took advantage of the previous day’s losses to cover short positions.
In Canada, Prime Minister Mark Carney. Who is leading in opinion polls ahead of the April 28 election. Renewed his calls on Monday for voters to give him a strong mandate to deal with U.S. President Donald Trump’s threats of tariffs.
On the economic front, Canadian retail sales data, to be released later this week. Will provide insights into consumer spending patterns amid uncertainty over U.S. tariffs.
In corporate news, a U.S. appeals court on Monday reconsidered a proposed data privacy class-action lawsuit against Canadian e-commerce giant Shopify.
Japanese Prime Minister Shigeru Ishiba plans to launch a new program next month to cut gasoline prices by 10 yen per liter. In response to US President Donald Trump’s tariff measures and rising cost of living. Sources familiar with the matter said on Tuesday.
