WTI crude oil futures fell toward $68 per barrel on Tuesday, hovering near a three-month low after OPEC+ signaled plans to revive halted production amid pressure from U.S. President Donald Trump to lower prices.
OPEC and its allies said it will proceed with unwinding 2.2 million barrels per day in output cuts starting April 1, following repeated delays. Crude prices also retreated amid concerns that U.S. tariffs could hurt global growth and reduce energy demand.
Trump confirmed on Monday that 25% tariffs on goods from Mexico and Canada will take effect later today, alongside a second round of 10% duties on Chinese goods.
Meanwhile, geopolitical tensions remain in focus as hopes for a resolution to the Russia-Ukraine war dimmed following a fiery meeting between Ukraine President Volodymyr Zelensky and President Trump last Friday.
Source: Trading Economics
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