Singapore March 6 2025: Brent plunged 6.5% in the previous four sessions, dropping to its lowest since December 2021 on Wednesday, while WTI fell 5.8% over the same period to its lowest since May 2023.
Prices fell after the U.S. enacted tariffs on Canadian and Mexican trade, including energy imports, at the same time major producers decided to raise output quotas for the first time since 2022.
The decline eased as the U.S. said it will exempt automakers from the 25% tariffs, raising optimism the impact of the trade dispute may be mitigated.
However, oil prices steadied on Thursday after falling 6.5% over the past four sessions as U.S. tariffs on Canadian crude supply may be eased but investors remain wary of remaining tariffs on Mexico and major producers’ plans to increase output.
Brent futures were trading up 42 cents, or 0.61%, at $69.72 a barrel by 0144 GMT, while U.S. West Texas Intermediate crude (WTI) were up 40 cents, or 0.6%, to $66.71 a barrel.
