The week ending 25 Mar saw a net increase of length in the crude futures benchmarks (Brent and WTI) as money managers accelerated their purchases. Crude prices strengthened as the front-month Brent futures contract bounced up from $70/bbl levels and closed above $73/bbl by 25 Mar, reaching three-week highs. Despite Trump’s ‘Liberation Day’ tariffs reinforcing bearish sentiment on risk-off assets, oil saw a bullish week as prices bounced off three-year lows. The lack of perceived tangible progress in the US-Russian peace talks and US threats of secondary tariffs on buyers of Venezuelan oil supported sentiment.
