WTI rises to near $71.50 amid increasing fuel demand

• WTI price edges higher as a JPMorgan report reveals global Oil demand has risen to 103.4 million barrels per day.
• President Trump has instructed officials to review reciprocal tariffs on countries imposing tariffs on US goods.
• Oil prices may face downward pressure due to a possible relaxation of restrictions on Russian producers.

West Texas Intermediate (WTI) crude Oil price extends its gains for the second successive day, trading around $71.50 per barrel during early European hours on Friday. Oil prices find support from increasing fuel demand and a delay in US tariff plans.

According to a report by JPMorgan on Friday, global Oil demand has risen to 103.4 million barrels per day, marking a 1.4 million bpd increase year-over-year. "After a slow start, demand for mobility and heating fuels picked up in the second week of February, suggesting the gap between actual and projected demand will soon close," the report noted.

On Thursday, US President Donald Trump directed commerce and economic officials to study reciprocal tariffs against countries imposing tariffs on US goods, with recommendations due by April 1. This delay allows for negotiations, potentially reducing trade tensions.

However, the upside of the Oil prices was limited amid easing supply risks and speculation over a potential relaxation of restrictions on Russian producers. This follows Trump's directive for US officials to initiate peace talks after Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed interest in ending the conflict in separate phone calls with him.

Dollar-denominated crude Oil may face demand concerns from the United States (US), the world's largest Oil consumer, as rising inflation strengthens expectations that the Federal Reserve (Fed) will maintain its hawkish policy stance.