Oil sees first monthly decline since November – Cause, uncertainty about the global economy and fuel demand!
Oil prices eased on Friday as they headed for their first monthly decline since November, dragged down by uncertainty over global economic growth and fuel demand, given Washington's tariff threats and signs of a U.S. economic slowdown.
The most active May Brent crude contract fell 59 cents, or 0.8%, to $72.98 a barrel by 0747 GMT. U.S. West Texas Intermediate crude supplies were at $69.70 a barrel, down 65 cents, or 0.9%. First-month Brent, which expires on Friday, traded at $73.42, down 62 cents, or 0.8%.
Both benchmarks are on track to post their first monthly decline in three months. Factors including expectations of a U.S. economic slowdown, tariffs, OPEC+ plans to increase supply in April and the possibility of peace in Ukraine, which could make more Russian oil available, have dampened investors' risk appetite.
“The only argument against it is that the price has already fallen a lot,” said IG market analyst Tony Sycamore, adding that WTI is well supported between $65 and $70 a barrel based on technical charts. U.S. President Donald Trump said on Thursday that proposed 25% tariffs on Mexican and Canadian goods would take effect on March 4, along with an additional 10% tariff on Chinese imports.
Economists at Fitch's BMI research unit said market participants are struggling to assess the impact of all the energy-related policy announcements made by the Trump administration this month.
“Those weighing on the downside, particularly U.S. tariff measures, are currently gaining,” BMI said in a note. Also weighing on investor sentiment, data showed U.S. jobless claims rose more than expected last week, while another government report provided further evidence of slowing economic growth in the fourth quarter.
BP has cut planned investments in renewable energy and said it would increase annual oil and gas spending to $10 billion.
However, oil prices rose more than 2% on Thursday as supply concerns resurfaced after Trump revoked a license granted to major U.S. oil company Chevron ( CVX.N ), opening a new tab to operate in Venezuela.
The cancellation could lead to the negotiation of a new agreement between the American producer and state-owned company PDVSA to export crude oil to destinations other than the United States, sources close to the talks said.
OPEC+ is debating whether to increase oil production in April as planned or freeze it, as its members try to read the global supply picture.
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