Oil prices on track for first monthly decline since November
Oil prices fell in early U.S. trading on Friday, heading for their first monthly decrease since November as investors eyed U.S. trade tariff worries and hopes of a Russia-Ukraine peace deal.
Brent oil futures fell 1.6% to $72.42 per barrel as of 10:06 ET (15:06 GMT), while West Texas Intermediate (WTI) crude futures dropped 1.6% to $69.26 per barrel.
Both contracts were set to notch their first monthly drop in three months.
Uncertainty regarding U.S. President Donald Trump’s plan to roll out sweeping tariffs has dented oil markets, with traders fretting over the potential impact of the levies on demand.
Meanwhile, the prospects of a peace agreement to end the war in Ukraine have exacerbated worries over a possible return of Russian oil supplies to the global market.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are also reportedly deliberating on whether to proceed with a planned output increase in April 2025. The alliance, currently reducing output by 5.85 million barrels per day, faces internal divisions.
Source : Investing.com