Brent crude oil futures dropped to around $69.9 per barrel on Monday as weak economic data from China and uncertainty over U.S. tariffs fueled demand concerns.
China's consumer prices fell for the first time in 13 months, while producer price deflation persisted, underscoring deflationary pressures in the world's largest crude importer.
Oil remains under pressure as President Trump's shifting tariff policies raised concerns on economic growth and energy demand. While Trump eased some tariffs on Mexico and Canada until April 2, Canada's retaliatory tariffs remain in place, and China's countermeasures are set to take effect later today.
Further weighing on crude, OPEC+ last week agreed to proceed with oil output hikes in April.
However, losses were capped as Trump said the U.S. would increase sanctions on Russia if it fails to reach a ceasefire with Ukraine. Russia's Deputy Prime Minister Novak also indicated that OPEC+ could reverse the decision in the event of market imbalance.
Source: Trading Economics
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