Oil prices edge up as Saudi Aramco raises crude rates

Oil prices rose slightly on Thursday after Saudi Aramco sharply increased its March crude prices, but the gains did little to offset Wednesday’s sharp decline in Brent crude.

Brent crude futures rose 44 cents, or 0.6%, to $75.05 a barrel by 1355 GMT, while U.S. West Texas Intermediate crude climbed 48 cents, or 0.7%, to $71.51.

The previous session saw a more than 2% drop in oil prices as U.S. crude and gasoline inventories swelled, indicating weaker demand. Oil prices have declined about 10% since January 15, five days before Donald Trump took office as U.S. president.

China retaliated to U.S. tariffs by imposing duties on American oil, liquefied natural gas, and coal, though its purchases from the U.S. remain relatively small.