By Scott Dysavino
New York (Reuters) -Ol prices fell by about 2% to 12 -weekly, OPEC+ on the report will proceed with an increase in a planned oil production in April and what the American tariffs will do for global economic growth and oil demand.
Organizations of petroleum exporting countries and its associates, such as Russia, are known as OPEC+, have decided to move forward with an increase in a planned April oil production, three sources of the manufacturer group told Reuters on Monday.
OPEC+ is harvesting 5.85 million barrels (BPD) per day, equal to about 5.7% of the global supply, agreed in a series of steps since 2022 to support the market.
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Brent futures were below the EST (1835 GMT) from $ 1.48, or 2.0%, $ 71.33 per barrel at 1:35 pm, while US West Texas Intermediate (WTI) fell raw raw raw raw raw $ 1.65, or 2.45%, $ 68.11.
It keeps both raw benchmarks on track for its lowest shutdown since 6 December.
In other American energy markets, the start of the April contract as the new front pushed the US diesel futures to the nine -week low at the end of the winter heating. Gasoline futures rose to a height of six months before the summer driving season.
US President Donald Trump will decide on Monday on what level tariff he would implement in early Tuesday amidst the final-matches on border security and in efforts to prevent the arrival of Phantanel Opioids.
Trump vows to impose 25% tariffs on all imports of Canada and Mexico, with 10% on Canadian energy products.
Tamas Varga, an analyst of PVM, said, “Tariffs can increase the demand for economic and oil, but they also prevent oil supply, when it is directed to oil producers such as Canada and Mexico.”
Canada’s Oilfield Drilling and Services Sector was showing signs of slowing ahead of the danger tariff.
Mexico President Claudia Shinbam said that his country Washington was ready to make whatever decision.
China, the second largest economy after the United States, said that it was preparing counterons for tariffs that targeted American agriculture.
In early trade, the raw value expanded support from data showing manufacturing activity in February at the fastest speed in three months.
Meanwhile, manufacturing in the US was stable in February, but a measure of prices at the factory gate jumped at a high level of about three years and took longer to distribute the material, suggests that tariffs on imports could soon reduce production.
Analysts have said that Trump’s employed tariff has also raised the concerns of inflation in the US Federal Reserve. This can motivate the fed to keep the interest rates higher for longer, which can slow down the demand for economic growth and energy.
Concern over the impact of potential slow economic growth on oil demand put pressure on WTI prices, which has fallen by about 10% in the last six weeks.
According to the commitments of the US Commodity Futures Trading Commission, in December 2023, in December 2023, the New York Mercantile Exchange and Intercontinental Exchange were asked by the bookies to cut their net long futures and option posts at their lowest level.
In other reports, the UK stated that several proposals to fight between Ukraine and Russia were created for the Trus, when France leads a plan for a one -month stay.
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