Oil falls on OPEC+ output hike, Trump tariff threat

Oil prices continued to fall after reports that OPEC+ will continue its planned production hike, while markets braced for the impact of US tariffs on Canada, Mexico and China.

This was reported by Economic Pravda with reference to Reuters.

Brent crude futures fell 57 cents, or 0.8%, to USD 71.05 a barrel, while US West Texas Intermediate (WTI) crude fell 39 cents, or 0.6%, to USD 67.98.

It is noted that another complicating factor is geopolitical events related to the russia-Ukraine war.

President Donald Trump has suspended all US military aid to Ukraine after a clash in the Oval Office with President Volodymyr Zelenskyy.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies such as russia, known as OPEC+, have decided to extend their planned April increase in oil production by 138,000 barrels per day, the group's first move since 2022.

Trump's 25% tariffs on imports from Canada and Mexico have come into effect.

Meanwhile, import duties on Chinese goods will increase to 20% from 10%.

Analysts expect the tariffs to negatively impact economic activity and fuel demand, leading to lower oil prices.

As Ukrainian News Agency earlier reported, oil prices fell significantly on Friday, as the market reacted to the dispute between the Presidents of Ukraine and the United States.