West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.65 during the early Asian session on Wednesday.
The WTI price attracts some sellers amid geopolitical concerns, the OPEC+ production increase announcement and US tariffs on Canada, Mexico and China.
On Monday, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, said it will proceed with a plan to increase oil production from April. This increase follows a series of output cuts made by OPEC+ to stabilize the market.
"The change in OPEC strategy looks like they are prioritizing politics over price. Those politics are likely connected with the wheeling and dealing of Donald Trump," said Bjarne Schieldrop, chief commodities analyst at SEB.
Crude Oil inventories saw a larger-than-expected drop last week. The American Petroleum Institute (API) weekly report showed crude oil stockpiles in the United States for the week ending February 28 fell by 1.455 million barrels, compared to a decline of 640,000 barrels in the previous week. The market consensus estimated that stocks would decrease by 300,000 barrels.
Source: FXStreet
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