Brent crude rises more than 1%, closes at $77

Oil drilling rigs

Oil prices extended gains today, Feb. 11, as markets weighed concerns about supply disruptions from US sanctions against the trade war, along with the risks of rising inflation and slower global economic growth. Brent crude futures for April delivery rose 1.5%, or $1.13, to close at $77 a barrel. WTI crude futures for March delivery gained 1.4%, or $1, to $73.32 a barrel.

The Energy Information Administration (EIA) expects global oil production to rise to 104.6 million barrels per day in 2025 from a record 102.8 million barrels per day in 2024, with global consumption rising to 104.1 million barrels from a record 102.8 million barrels per day.

The exchange of tariffs will impact the oil-intensive part of the global economy, creating uncertainty about demand and may prompt OPEC+ to extend current production quotas again, Morgan Stanley said in a note.

The American Petroleum Institute's report on oil inventories is expected to be released on Feb. 12, ahead of the official data from the EIA is announced, amid expectations of a rise in crude inventories by 2.4 million barrels.