Oil prices moved higher on Tuesday amid concerns about a possible drop in crude supplies due to U.S. sanctions on Russian oil, and lower output from Iran. A weak dollar contributed as well to the rise in oil prices.
However, oil's upside was limited on concerns U.S. President Donald Trump's decision to clamp 25% tariffs on steel and aluminum imports into the U.S. could prompt trade partners to retaliate with tariffs on U.S. goods, and result in slowing growth and weak demand for oil.
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