Brent crude oil futures declined below $71 per barrel on Wednesday, remaining close to a four-month low, as concerns over OPEC+ production increases weighed on prices.
The group confirmed plans to phase out 2.2 million bpd of output cuts starting in April, with monthly increases of 138,000 bpd until late 2026. Further pressuring prices, the Trump administration suspended all US military aid to Ukraine, following reports of potential sanctions relief for Russia, which could boost Russian oil exports.
Additionally, new US tariffs on Canada, Mexico, and China took effect Tuesday, raising concerns about disrupted crude flows, slower economic growth, and weaker oil demand.
Meanwhile, US Commerce Secretary Howard Lutnick said the administration may roll back some tariffs on Mexico and Canada, adding to market uncertainty.
Source: Trading Economics
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