0855 GMT - Oil prices rise in early trade but remain on track for a significant weekly loss amid fluctuating U.S. trade policies and OPEC+ output hike plans. Brent crude and WTI are both up 1.2% to $70.29 and $67.21 a barrel, respectively, after Treasury Secretary Scott Bessent said the U.S. will intensify pressure on Iran and won't hesitate to go "all in" on sanctions on Russia if it helps in peace negotiations. Still, "oil markets are dealing with renewed uncertainty on the supply side and a darkening outlook on the demand side," analysts at Fitch's research unit BMI say. The U.S. partially pulled back tariffs on some goods from Mexico and Canada, adding further uncertainty over President Trump's trade strategy and its impact on global economic growth. Meanwhile, news that additional OPEC+ supply will soon hit the market is increasing downward pressure on prices. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 07, 2025 03:55 ET (08:55 GMT)
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