Oil prices fell on Monday amid concerns that U.S. import tariffs could weaken global economic growth and reduce fuel demand. Brent crude dropped by 6 cents to $70.30 a barrel, while U.S. West Texas Intermediate (WTI) fell by 8 cents to $66.96.
The Organization of the Petroleum Exporting Countries (OPEC) reported that its basket of twelve crude oils stood at $75.16 per barrel as of March 3, slightly up from $74.98 the previous day. Despite the rise, WTI recorded its seventh consecutive weekly decline, its longest losing streak since November 2023, while Brent crude fell for a third straight week.
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The market downturn follows U.S. President Donald Trump’s decision to impose — then delay — tariffs on key oil suppliers like Canada and Mexico, alongside higher taxes on Chinese goods. In response, China imposed tariffs on U.S. and Canadian agricultural products.
Oil prices briefly recovered on Friday after President Trump announced plans to increase sanctions on Russia if it fails to secure a ceasefire with Ukraine. Meanwhile, the U.S. is exploring options to ease sanctions on Russia’s energy sector if peace talks advance.
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