Baghdad: Oil prices fell on Monday, as investors’ appetite for riskier assets slowed due to concerns about the impact of US tariffs on global economic growth and fuel demand, as well as increased OPEC+ production. Brent crude fell 25 cents, or 0.4 %, to $70.11 a barrel by dawn on Monday, after rising 90 cents at settlement last Friday. US West Texas Intermediate crude reached $66.76 a barrel, down 28 cents, or 0.4 %, after closing up 68 cents in the previous trading session.

According to National Iraqi News Agency, West Texas Intermediate crude fell for the seventh week in a row, in the longest losing streak since November 2023, while Brent crude fell for the third week in a row after US President Donald Trump imposed tariffs on major oil suppliers, Canada and Mexico, and then postponed them while raising taxes on Chinese goods. China has responded to the United States and Canada by imposing tariffs on agricultural products.

Oil prices recovered some of their losses on Friday after Trump said the United Sta
tes would increase sanctions on Russia if it failed to reach a ceasefire with Ukraine. The United States is also considering ways to ease sanctions on Russia’s energy sector if Russia agrees to end its war with Ukraine. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, said they would go ahead with oil production increases from April.