By Florence Tan
Singapore (Reuters) – Oil prices decreased on Friday, for their first monthly decline since November, global economic development and washington’s tariff hazards to overcome uncertainty on demand for fuel and signs of American economic recession to overcome concerns.
The more active May Brent crude futures slipped from 31 cents, or 0.4%, $ 73.26 per barrel from 0133 GMT, while the US West Texas Intermediate crude was $ 70.05 per barrel, 30 cents below 30 cents. Front-brain Brent ended later on Friday.
Both benchmarks are on track to post their first monthly decline in three months.
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A long list of factors, including fears of economic recession in the US, plans to increase supply in tariffs, OPEC+ April and the hopes of peace in Ukraine are curbing investors’ risk hunger and disappointing prices, IG market analyst Tony Sycamore said.
He said, “The only counter argument is that the price has already fallen a lot,” he said that WTI is well supported between $ 65 and $ 70 per barrel based on technical charts.
US President Donald Trump said on Thursday that his proposed 25% tariff on Mexican and Canadian goods would be effective on March 4, as well as an additional 10% duty on Chinese imports.
Weighing the investor spirit as well, the data showed us that the claim more than expected in the last week, while another government report reiterated that economic growth slowed down in the fourth quarter.
Nevertheless, oil prices climbed more than 2% on Thursday as the supply concerns were resumed after canceling the license given to American oil head Chevron to operate in Venezuela.
Sources close to the talks said that the cancellation of the license could lead to a new agreement between American manufacturer and state company PDVSA for rawness for other destinations other than the United States.
OPEC+ argues whether oil production should be increased or freeze or freeze as its members struggle to read the global supply photo due to fresh American sanctions on Venezuela, Iran and Russia, eight OPEC+ sources said.
(Reporting by Florence Tan)
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