Baghdad: Oil prices fell during early Asian trading, today, Tuesday, in a decline for the second day in a row, due to concerns that US tariffs on Canada, Mexico and China will slow economies around the world and hurt energy demand, while the “OPEC +” alliance increases its supplies. Brent crude futures fell 29 cents, or 0.42 %, to $ 68.99 a barrel, while US West Texas Intermediate crude futures fell 36 cents, or 0.55 %, to $ 65.67 a barrel.

According to National Iraqi News Agency, the continuous imposition of US tariffs has raised significant concerns regarding global economic growth. Analysts suggest that the trade tensions may dampen demand for energy as economic activities slow down, impacting industrial outputs and consequently, energy consumption. The current market situation is further complicated by the decision of the “OPEC +” alliance to increase oil supplies, adding additional pressure on prices.

Industry experts are closely monitoring the situation, as the tariffs not only affect trade relationsh
ips but also have broader implications on global trade policies. The increase in oil supplies by “OPEC +” is perceived as a strategic move to stabilize the market amidst the ongoing trade tensions. However, the outlook remains uncertain as stakeholders evaluate the long-term impacts of these tariffs on both the global economy and the energy sector.