Oil prices declined for a third session on Wednesday, as investors worried about OPEC+ plans to proceed with output increases in April, and U.S. President Donald Trump’s tariffs on Canada, China and Mexico escalated trade tensions.
Brent futures fell $1.73, or 2.44%, to $69.31 a barrel. U.S. West Texas Intermediate (WTI) crude declined $2.07, or 3.03%, to $66.19 a barrel.
In Tuesday's session, the contracts settled near multi-month lows, weighed down by expectations the U.S. tariffs and counter-tariffs by the affected countries will slow economic growth and reduce fuel demand.
Canada and China retaliated immediately to Trump’s tariffs on Tuesday, and Mexican President Claudia Sheinbaum said the country would respond, without giving details.
Meanwhile the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, decided on Monday to increase output for the first time since 2022, further pressuring crude prices.
The group will make a small increase of 138,000 barrels per day from April, the first step in planned monthly increases to unwind its nearly six million bpd of cuts, equal to nearly 6% of global demand.
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