**********International oil prices rose slightly during the Asian session, benefiting from the recovery of fuel demand and the news of the United States delaying the implementation of global reciprocal tariffs, which eased market risk aversion. However, the expected return of Russian crude oil supply to the market may limit further price increases.

The United States has postponed its global reciprocal tariff policy, easing market concerns about trade and supporting a rebound in oil prices. US President Trump requested on Thursday that US business and economic officials study reciprocal measures against foreign tariffs and submit recommendations by April 1st. This means that the US tariff policy will not take immediate effect in the short term, and the market expects that trade tensions may ease, thereby benefiting the global economic growth prospects and supporting themcrude oil demand。

The delay in implementing tariffs by the United States has provided a buffer time for the market and reduced the short-term impact of trade tensions on oil prices. "- Yeap Jun Rong, market strategist at IG. However, he also pointed out that the possibility of Russian supply returning to the market has limited the rise in oil prices.

The prospects for peace talks between Russia and Ukraine have increased, and Russian oil exports may be affected. This week, Trump had phone conversations with Russian President Putin and Ukrainian President Zelensky, urging both sides to engage in peace talks. Market analysis believes that if the conflict between Russia-Ukraine conflict eases, the West may consider relaxing sanctions against Russia, which may lead to an increase in Russian crude oil supply

If the US led peace talks make progress and lead to the partial lifting of sanctions against Russia, global energy supply will be supplemented to some extent. "- Market analyst

In addition, according to the latest oil market report from the International Energy Agency (IEA), Russia's crude oil production slightly rebounded last month, indicating that even with the latest US sanctions, Russia is still looking for new export channels and may maintain its crude oil export scale by avoiding some sanctions through third-party countries.

Global crude oil demand continues to rebound, driven by demand for heating and transportation fuels

The global demand for crude oil has exceeded expectations, reaching 103.4 million barrels per day, a year-on-year increase of 1.4 million barrels per day. According to the latest report from JPMorgan, crude oil demand grew slowly in early February, but in the second week of February, demand for heating and transportation fuels rebounded, narrowing the gap between actual demand and market expectations.

The initial demand growth is relatively slow, but as the demand for heating and transportation fuels rebounds, the growth trend of crude oil demand will become more apparent. "- Morgan Stanley analyst

The soaring natural gas prices in Europe have also driven the market's demand for alternative oil. JPMorgan Chase stated that the rise in natural gas prices may lead some countries to shift from natural gas to oil, further increasing demand for crude oil.

The market is concerned about the future trend of oil prices, and the situation between Russia and Ukraine and demand growth have become key variables. In the short term, oil prices are supported by the adjustment of US tariff policies, but the uncertainty of Russian crude oil supply remains the main factor affecting the market. In the future, if global economic growth continues to rebound, fuel demand may continue to rise, driving up oil prices further. However, if the Russia-Ukraine conflict eases, leading to an increase in Russian crude oil supply, oil prices may face downward pressure.

Edit viewpoint

The recent rebound in oil prices is mainly due to the rebound in global fuel demand and the adjustment of US trade policies, which have improved market sentiment. However, the uncertainty of Russian crude oil supply remains an important factor affecting the trend of oil prices.

If progress is made in the Russia Ukraine peace talks and partial sanctions are lifted, global oil supply may experience unexpected growth, thereby suppressing the upward space for oil prices. In addition, the future trend of natural gas prices and adjustments to energy policies in various countries may also affect oil demand.