REUTERS, London

Oil prices were steady on Thursday as markets assessed new US tariffs, while concerns about global supply kept prices near one-month highs.

Brent crude futures fell 23 cents, or 0.3 percent, to $73.56 a barrel by 0912 GMT. US West Texas Intermediate crude futures dropped 21 cents, or 0.3 percent, to $69.44.

On Wednesday, oil prices rose by around 1 percent to their highest since February.

PVM analyst Tamas Varga said oil had ignored falling equity markets on Wednesday and had firmed on the back of US tariffs against Venezuela and lower US crude and fuel inventories.

US President Donald Trump on Tuesday imposed new 25 percent tariffs on potential buyers of Venezuelan crude.

India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports following the tariff announcement, sources said on Wednesday.

“There have been fundamental justifications for the recent bounce in oil, yet one cannot help but conclude that it is US trade policy that will be the ultimate and anxious judge of the direction of the next $10-$15/bbl move,” Varga added.

Asian bank DBS does not expect prices to return to the higher levels seen in early 2025 as uncertainty over US policy and the prospect of tariff wars weigh on demand, the bank’s energy sector team lead Suvro Sarkar said.