Oil Prices Continue to Decline

For the third consecutive session, oil prices have seen a decline, primarily due to concerns over OPEC+'s decision to increase oil production. This move, which marks the group's first production rise since 2022, has sparked fears of a potential oversupply in the market.

Impact of US Tariffs

Adding to the downward pressure on oil prices are the new US tariffs, including a 25% duty on imports from Canada and Mexico, and a 20% tariff on certain Chinese products. These measures have led to immediate retaliatory actions from the affected countries, raising concerns over potential economic growth slowdowns and their impact on energy demand.

Market Reaction

West Texas Intermediate (WTI) for April settlements fell by 1.09% to $67.12 per barrel, while Brent crude for May deliveries dropped by 1.24% to $70.14 per barrel, reflecting the market's reaction to these developments.