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Oil Prices Slide as Tariff Uncertainty and Rising OPEC+ Output Weigh on Markets

Global crude benchmarks continue their decline as trade tensions and production increases fuel concerns over economic growth and demand.

A pumpjack operates at the Vermilion Energy site in Trigueres, France, June 14, 2024. REUTERS/Benoit Tessier/File Photo
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Brent Crude traded close to $70 a barrel after touching a new low since 2021 last week, while WTI Crude was below $67.

Overview

  • Brent crude fell 0.4% to $70.11 per barrel, while West Texas Intermediate (WTI) dropped 0.4% to $66.76, marking WTI's seventh consecutive weekly loss.
  • U.S. President Donald Trump's tariff policies on Canada, Mexico, and China have raised fears of a global economic slowdown, dampening fuel demand.
  • OPEC+ producers, including Russia and Saudi Arabia, plan to increase oil output starting in April, adding further pressure on prices.
  • The U.S. is weighing the potential easing of energy sanctions on Russia if it agrees to end its war with Ukraine, while also threatening increased sanctions if no ceasefire is reached.
  • Iran has rejected U.S. calls for negotiations over its nuclear program as Trump intensifies efforts to cut Iranian oil exports through sanctions.