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OIL prices swooned on Tuesday and settled close to to multi-month lows after reports of Opec+ plans to proceed with output increases in April and news of US tariffs on Canada, Mexico and China as well as Beijing’s retaliatory tariffs.
Brent futures settled 58 cents lower, or 0.8 per cent, at US$71.04 a barrel. The session low was US$69.75 a barrel, its lowest since September.
US West Texas Intermediate (WTI) crude fell 11 cents a barrel, or 0.2 per cent, at US$68.26. The benchmark previously dropped to US$66.77 a barrel, the lowest since November.
Opec+, the Organization of the Petroleum Exporting Countries and allies including Russia, decided on Monday to proceed with a planned April oil output increase of 138,000 barrels per day, its first since 2022.
The move took the market by surprise, said Bjarne Schieldrop, chief commodities analyst at SEB.
U.S. stocks finished sharply lower on Tuesday amid concerns that President Donald Trump’s tariffs — and retaliation from some of the U.S.'s trading partners — could put pressure on economic growth.
The Dow Jones Industrial Average lost 670.25 points, or 1.6%, to end at 42,520.99, its worst day in over a week. The blue-chip index fell more than 1,300 points over the past two trading days, logging its worst two-day decline since Dec. 18, according to Dow Jones Market Data.
The Nasdaq Composite fell 65.03 points, or 0.4%, to finish at 18,285.16. At its worst level Tuesday, the tech-heavy index slumped over 2.1% and into correction territory, defined as a 10% drop from an index’s recent high, according to Dow Jones Market Data. The Nasdaq then bounced back into positive territory in afternoon action, but still failed to maintain its footing heading into the closing bell.
The S&P 500 tumbled 71.57 points, or over 1.2%, ending at 5,778.15.
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