Oil prices decline as investors continue to fret over tariff impact

Florence Tan

Sun, Mar 9, 2025, 5:47 PM 2 min read

By Florence Tan

SINGAPORE (Reuters) - Oil prices fell connected Monday arsenic interest astir the interaction of U.S. import tariffs connected planetary economical maturation and substance demand, arsenic good arsenic rising output from OPEC+ producers, cooled capitalist appetite for riskier assets.

Brent crude fell 25 cents, oregon 0.4%, to $70.11 a tube by 0037 GMT aft settling up 90 cents connected Friday. U.S. West Texas Intermediate crude was astatine $66.76 a barrel, down 28 cents, oregon 0.4%, aft closing 68 cents higher successful the erstwhile trading session.

WTI declined for a seventh successive week, the longest losing streak since November 2023, portion Brent was down for a 3rd consecutive week aft U.S. President Donald Trump imposed past delayed tariffs connected its cardinal lipid suppliers Canada and Mexico portion raising taxes connected Chinese goods. China retaliated against the U.S. and Canada with tariffs connected cultivation products.

"Crude lipid was weighed down past week by U.S. tariff uncertainty, U.S. maturation concerns, the imaginable lifting of U.S. sanctions connected Russia, and OPEC+ opting to summation output," IG expert Tony Sycamore said successful a lawsuit note.

"Nonetheless, with overmuch of the atrocious quality apt factored in, we expect play enactment astir $65/$62 to clasp steadfast earlier a betterment backmost to $72.00," helium said successful notation to the WTI price.

Oil prices clawed backmost immoderate nonaccomplishment connected Friday aft Trump said the U.S. would summation sanctions connected Russia if the second fails to scope a ceasefire with Ukraine.

The U.S. is besides studying ways to easiness sanctions connected Russia's vigor assemblage if Russia agrees to extremity its warfare with Ukraine, 2 radical acquainted with the substance told Reuters.

Meanwhile, the Organization of the Petroleum Exporting Countries and allies including Russia, collectively known arsenic OPEC+, said it volition proceed with lipid output hikes from April.

Russia's Deputy Prime Minister Alexander Novak connected Friday said OPEC+ could reverse the determination successful the lawsuit of marketplace imbalance.

Last week, Trump said helium wanted to negociate a woody with OPEC subordinate Iran to forestall the second seeking atomic weapons - though Iran has said it is not seeking specified weapons.

Trump is pursuing a "maximum pressure" run against Iran nether which the U.S. connected Saturday rescinded a waiver that allowed Iraq to wage Iran for electricity, a State Department spokesperson said.

Iran's Supreme Leader Ayatollah Ali Khamenei connected Saturday said his state volition not beryllium bullied into negotiations.

(Reporting by Florence Tan; Editing by Christopher Cushing)