WTI recovers above $71.00 as tariff fears ease

• WTI drifts higher to $71.30 in Friday's early Asian session.
• Trump launches plan to target countries with new tariffs
• A potential Russia-Ukraine peace deal might cap the WTI's upside. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.30 during the early Asian session on Friday. The WTI price trades with mild gains as US tariff announcements by US President Donald Trump were delayed until at least April. 

Trump on Thursday ordered his administration to consider imposing reciprocal tariffs on numerous trading partners. However, commerce and economics officials need to study reciprocal tariffs against countries that place tariffs on US goods and it will not be due until April 1. The hope is that the world could avoid a trade war and lift the WTI price. 

"We saw a big recovery in prices on tariffs not going into effect until April," said Phil Flynn, senior analyst with Price Futures Group. "That will allow time for negotiation."

The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the United States for the week ending February 7 climbed by 4.07 million barrels, compared to a rise of 8.664 million barrels in the previous week. The market consensus estimated that stocks would increase by 2.8 million barrels. 

Hopes of eased Russian sanctions following optimism over a potential Ukraine-Russia peace deal might cap the upside for the black gold. On Wednesday, Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him. Trump ordered U.S. officials to begin talks on ending the war in Ukraine.