[New York Oil Prices] Risk Aversion Partially Eases Amid Tariff Uncertainty…WTI Up 0.33%

# New York Crude Oil Prices Edge Higher NEW YORK – Crude oil prices in New York saw a minor uptick as the risk-averse sentiment in the broader asset markets slightly eased, attracting buying interest in the oil market. On March 11 (local time), the West Texas Intermediate (WTI) crude for April delivery finished trading at $66.25 a barrel on the New York Mercantile Exchange, up $0.22 (0.33%) from the previous session. Meanwhile, Brent crude for May delivery, the global benchmark, settled at $69.56 a barrel, rising $0.28 (0.40%) from the prior session. The concerns about an economic slowdown triggered by President Donald Trump subsided to some extent, leading to bargain hunting in risk assets. On the New York Stock Exchange, the Nasdaq Composite Index rose by approximately 0.6%, and the S&P 500 Index and Dow Jones Industrial Average also pared significant losses, moving into slightly negative territory. President Trump stated at the White House, "I don't think a recession is coming at all." This comment aimed to calm the market after his weekend interview remarks about potentially tolerating a U.S. recession heightened risk aversion. Additionally, Trump indicated a potential reduction in tariffs targeting Canada, further reducing tariff uncertainties. He mentioned reconsidering the additional steel tariffs imposed on Canada following Ontario's decision to halt surcharges on electricity supplied to the U.S. Earlier, Ontario's decision to cease these surcharges led Trump to initially raise tariffs on Canadian steel and aluminum to 50%. Subsequently, after discussions between Ontario Premier Doug Ford and U.S. Commerce Secretary Howard Lutnick, and Ontario’s decision to end the surcharges, Trump decided to retract the additional tariffs. News of a possible ceasefire between Ukraine and Russia, though potentially increasing supply pressures, somewhat alleviated market tensions. The U.S. and Ukraine agreed to a 30-day ceasefire in the Russia-Ukraine conflict. If Russia concurs, this would pave the way for formal peace negotiations after more than three years of warfare. Phil Flynn, senior market analyst at Price Futures Group, observed that the ceasefire news uplifted the market's gloomy atmosphere, stating, "For oil, the lifting of sanctions and price caps on Russian oil could potentially increase global supply." jhjin@yna.co.kr