1332 GMT - Oil prices rise, with Brent crude up 0.4% at $69.58 a barrel and WTI up 0.5% at $66.64 a barrel. The increase hasn't offset recent losses, with Brent down 5.4% on week, and WTI down 5.3%. Prices have sharply declined since the U.S. imposition of tariffs on Canadian and Mexican imports, coinciding with major producers increasing output quotas for the first time since 2022, JPMorgan analysts say in a note. OPEC+ unexpectedly said on Monday that it will start raising output in April. That said, Brent is now trading below its fair value and short-term technical trading indicators have entered oversold territory, analysts say. JPM expects the price of Brent to average $73 a barrel in 2025, before slipping to $61 a barrel in 2026.(joseph.hoppe@wsj.com)
(END) Dow Jones Newswires
March 06, 2025 08:33 ET (13:33 GMT)
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