The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 6.037 million barrels for the week ending March 28

The Organization of Petroleum Exporting Countries (OPEC) reduced its crude oil production in March, ahead of its planned production increase for May

Crude Oil WTI Futures, the U.S. benchmark, recently traded at $71.18 a barrel following the report after settling down 0.4% at $71.20 a barrel.

Crude oil futures remain steady as market anticipates US reciprocal tariffs, impacting global economies and commodity demand.

US President Donald Trump has indicated potential complications for Russian oil trade unless Moscow reaches an agreement on the Ukraine conflict soon.

After a brief early push higher, crude oil contracts were staying close to Monday levels. The NYMEX May West Texas Intermediate contract, which rose to a roughly six-week high in morning trading of $72.10/bbl, backed off later in the morning. The contract was trading close to unchanged at $71.53/bbl as of 11:45 a.m. ET.

US President Trump is expected to announce reciprocal tariffs on Wednesday—dubbed “Liberation Day”—which he says will apply to all countries - Anadolu Ajansı

President Bola Tinubu said on Wednesday he had sacked the entire 11-person board of the Nigerian National Petroleum Company and replaced chief executive Mele Kyari with former Shell engineer Bashir Ojulari.

Oil prices steadied on Wednesday after falling in the previous session on concerns new U.S. tariffs set to be unveiled later in the day may deepen a global trade war that could limit crude demand.