Oil Falls amid Concerns over Global Demand SlowdownSingapore, 5 Mar (ONA) — Oil prices fell for a third session today as plans by major producers to raise output in April combined with concerns US tariffs on Canada, Mexico and China will
slow economic and fuel demand growth hammered investor sentiment.
Brent futures eased 15 cents lower to $70.89 a barrel. In the
previous session, the contract fell to as low as $69.75, its lowest
since 11 September 2024, and settled at their lowest since that day as well.
US West Texas Intermediate (WTI) crude fell 40 cents a barrel, or
0.6%, at $67.86 after settling at its lowest since December. Prices
fell to as low as $66.77 in the previous session, the lowest since 18 November 2024.
The Trump administration said it was ending a license
that the US has granted to US oil producer Chevron since 2022 to
operate in Venezuela and export its oil.
Investors now await government data on US stockpiles, due later today.— Ends/Khalid
