Singapore March 11 2025: Oil prices fell for a second day in early trade on Tuesday on worries that U.S. tariffs on Canada, Mexico and China would slow economies around the world and hurt energy demand while OPEC+ ramps up its supply.
Brent futures fell 29 cents, or 0.42%, to $68.99 a barrel at 0016 GMT, while U.S. West Texas Intermediate crude futures lost 36 cents, or 0.55%, to $65.67 a barrel.
U.S. President Donald Trump’s protectionist policies have roiled markets across the world, with Trump imposing and then delaying tariffs on his country’s biggest oil suppliers, Canada and Mexico, while also raising duties on Chinese goods. China and Canada have responded with tariffs of their own.
Over the weekend, Trump said a “period of transition” for the economy is likely but declined to predict whether the U.S. could face a recession amid stock market concerns about his tariff actions.
“Trump’s comments triggered a wave of selling as investors started pricing in the risk of weaker growth in demand,” Daniel Hynes, senior commodity strategist at ANZ said.
