Oil Declines Amid Uncertainty Over U.S. Tariff PolicyMarket Talk

Gold falls in the early Asian session as traders assess mixed signals from the Trump administration. On one hand, U.S. Customs and Border Protection said Friday that computers, tablets, Apple watches, semiconductor equipment and other electronics were exempt from many tariffs on Chinese products and a 10% tariff on all U.S. imports. On other hand, administration officials including Commerce Secretary Lutnick said on Sunday that tech products exempted from many tariffs will face separate levies in a month or two. "Gold's downside is extremely limited," TD Securities' Daniel Ghali says in research report. The senior commodity strategist notes factors including upcoming Chinese life insurance companies' purchases possibly leading to a massive new buying impulse. Spot gold is 0.5% lower at $3,219.18/oz. (ronnie.harui@wsj.com)

Coal decreased to a near 4-year low of 94.85 USD/T. Over the past 4 weeks, Coal lost 8.25%, and in the last 12 months, it decreased 27.08%.

Energy stocks advanced late Friday afternoon, with the NYSE Energy Sector Index rising 3.2% and the Energy Select Sector SPDR Fund (XLE) up 2.8%.

The Philadelphia Oil Service Sector Index climbed 4.4%, and the Dow Jones US Utilities Index added 1.3%.

West Texas Intermediate crude oil was up 2.8% to $61.73 a barrel, and global benchmark Brent crude rose 2.2% to $64.75. Henry Hub natural gas futures shed 0.4% to $3.54 per 1 million BTU.

In corporate news, Murphy USA shares jumped past 6% after saying it entered into a refinancing agreement that updates its 2021 credit facility and provides for a $600 million term loan and a further $750 million under a revolving credit line.

KKR increased its equity stake in Eni's Enilive to 30% from 25%. Eni shares rose 4.4% while KKR was 0.7% lower.

BP said it expects upstream volumes to decline in Q1, with slight growth in oil offset by lower gas and low-carbon output due to recently completed asset sales in Egypt and Trinidad. Separately, BP shareholder Legal and General plans to vote against the re-election of BP Chair Helge Lund at the annual meeting on April 17, Legal and General said. BP was up 1.2%.

Live cattle futures turn higher following a slightly lower start, settling up 0.7% to $1.966 a pound. Live cattle has seen somewhat of a rebound since President Trump paused reciprocal tariffs on several nations, with the exception of China. While the extended impact of tariffs has been eased, cattle remains exposed to lower export demand as China seeks beef from elsewhere — which is why cattle futures remain below the $2 per pound threshold, after the contract found a new record high of $2.08 a pound in late March. Lean hog futures close up 0.2%, this as the USDA reported higher cutout prices as of its assessment midday. (kirk.maltais@wsj.com)

Energy stocks advanced late Friday afternoon, with the NYSE Energy Sector Index rising 3.2% and the Energy Select Sector SPDR Fund (XLE) up 2.8%.

The Philadelphia Oil Service Sector Index climbed 4%, and the Dow Jones US Utilities Index added 1.3%.

West Texas Intermediate crude oil rose 2.8% to $61.73 a barrel, and global benchmark Brent crude advanced 2.6% to $64.96. Henry Hub natural gas futures shed 0.4% to $3.54 per 1 million BTU.

In corporate news, Murphy USA shares jumped past 5% after saying Friday it entered a refinancing agreement that updates its 2021 credit facility and provides for a $600 million term loan and a further $750 million under a revolving credit line.

U.S. natural gas futures post an 8.1% weekly loss with the market buffeted by tariff-driven volatility, while near-term fundamentals remain bearish moving into the low-demand shoulder season. "How much weather trends have been influencing prices have been difficult to gauge, but potentially some," NatGasWeather.com says in a note. Feedgas flows to LNG export plants remain supportive, while strong wind and solar energy generation are likely limiting power-sector demand, the forecaster adds. Nymex gas settles down 0.8% on the day at $3.527/mmBtu.(anthony.harrup@wsj.com)