Brent crude oil futures fell to around $69.2 per barrel on Tuesday, marking a second consecutive day of losses amid growing fears that U.S. tariffs would slow economic growth and curb oil demand.
Tariffs imposed and then later delayed by U.S. President Donald Trump on major oil suppliers, such as Canada and Mexico, along with China's retaliatory tariffs, have heightened concerns over a potential global economic slowdown.
Additionally, signs of economic weakness in top oil importer China weighed on crude prices after latest data showed the country's deflationary pressures deepened despite stimulus efforts.
On the supply side, Russia's Deputy Prime Minister Alexander Novak said on Friday the OPEC+ group agreed to begin increasing oil production starting in April. However, he noted that the decision could be reversed if market imbalances emerged.
Source: Trading Economics
