Crude oil slips below $ 70, OPEC+ output increase, US Has a 6 -month low impact on tariffs

Oil prices fell on multi-month bottoms after OPEC+ on Tuesday with the output increase in April, while the US on Canada, Mexico and China on the U.S. Excessive price pressure was applied by the tariff, as well as the tariffs of Beijing replacement.

Brent Futures were down $ 1.50 or 2.1%at $ 70.12 by the EST (1610 GMT) at 11:10 pm. The session was a barrel of $ 69.75, the lowest since September.

The US West Texas Intermediate (WTI) crude was at $ 1.19 a barrel or 1.7%, at $ 67.18. The benchmark dropped earlier. 66.77 has reached a barrel, the lowest since November.

“The current trend in oil prices is mainly by the OPEC+decision to increase the output and the introduction of US tariffs,” said Philip Nova’s commodities strategist Darren Lim.

He said that last week, Ukraine was all over the UK after his oval Office Fisde collision with President Wolodymir Zelensky. President Donald Trump’s decision to stop military assistance was.

OPEC+, an association of colleagues, including petroleum -exporting countries and Russia, decided to move on Monday with an increase of 138,000 barrels per day in the oil output of April, which is the first since 2022.

Burn, an analyst of SEB’s chief commodity, Skildrop said the move was surprisingly in the market.

“OPEC’s strategy shows that they prefer politics rather than price. That politics is probably linked to Donald Trump’s wheeling and transaction,” Skildrop said, citing the Calls for the US President’s oil prices.

25% of the US on imports of Canada and Mexico The tariff was applied to 12:01 EST (0501 GMT) on Tuesday morning, while with 10% tariffs on Canadian Energy, while tariffs on Chinese goods imports were 10% to 20%.

Analysts expect tariffs to control economic activity and weigh the price of energy, oil prices.

On Tuesday kicking US tariffs, China quickly revenge, and announced an increase of 10-15% on import levy covering the range of American agricultural and food products, while also placed 25 US companies under export and investment restrictions.

“While Trump’s tariffs on Canada and Mexico, especially 10% on the arrival of Canadian oil, have reached the stage of realization, the impact on the oil balance is still unclear,” said analysts at Energy Advisory Firm Returbs and Associates.

More pressure on oil prices came to Ukraine by preventing military assistance by Trump. The move followed Reuters’ reports that the White House has the State and Treasury Departments in the U.S. Officials have been asked to draft a list of sanctions that can be relaxed to discuss during negotiations with Moscow.

Eliminate sanctions can lead to more pressure prices in Russian oil. But on Monday, Goldum Sachs SS analysts said Russia’s oil flow was more restricted by its OPEC+ production target than sanctions.

The bank also said that the expected crude supply and economic activity of the soft US and tariff escalation at risk of damaging oil prices.

Josh Ka Lagan, head of crude derivatives in Arrow Energy markets, said Chinese demand is also low with the refinery maintenance period.