WASHINGTON (dpa-AFX) - Oil futures settled lower on Tuesday amid concerns about possible excess supply in the market after OPEC and allies decided to go ahead with their plans of increasing crude output.
Likely drop in oil demand due to the impact of new tariffs by the U.S. on China, Canada and Mexico, and the retaliatory moves by Canada and China, weighed as well on oil prices.
West Texas Intermediate Crude oil futures for April closed down $0.11 or about 0.2% at $68.26 a barrel, settling lower for the third consecutive session.
Brent crude futures settled at $71.04 a barrel, losing $0.58 or about 0.8%.
Canada announced 25% tariffs on $107 billion worth of U.S. goods, with $20.7 billion in immediate effect. Mexican President Claudia Sheinbaum said her country is preparing countermeasures.
China has announced 15% tariffs on U.S. chicken, wheat, corn and cotton, plus 10 percent cent tariffs on soybeans, pork, beef and dairy beginning March 10.
It is feared that U.S. President Donald Trump's 'tariffs on steroids' agenda may keep inflation higher and could tip the global economy into recession.
Markets await official inventory data from U.S. Energy Information Administration (EIA) on Wednesday.
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