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Oil prices fell on Friday, heading for their first monthly decline since November, as concerns over global economic growth and weaker fuel demand overshadowed supply risks.
Brent crude futures for May slipped 0.4% to $73.26 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 0.4% to $70.05 a barrel by 0133 GMT. Both benchmarks are on track for their first monthly decline in three months.
Investor sentiment weakened amid fears of an economic slowdown in the U.S., Washington’s tariff threats, and OPEC+ plans to increase supply in April. Market analyst Tony Sycamore noted that while oil prices have already dropped significantly, WTI remains technically supported between $65 and $70 a barrel.
On Thursday, President Donald Trump announced a 25% tariff on Mexican and Canadian goods, along with an additional 10% duty on Chinese imports set to take effect on March 4. Meanwhile, U.S. jobless claims rose more than expected, and government data confirmed slower economic growth in the fourth quarter.
Despite these bearish factors, oil prices jumped over 2% on Thursday after Trump revoked U.S. oil giant Chevron’s license to operate in Venezuela. The move could prompt negotiations between Chevron and Venezuela’s PDVSA to redirect crude exports away from the U.S.
OPEC+ is weighing whether to proceed with its planned production increase in April or freeze output due to uncertainty over global supply amid fresh U.S. sanctions on Venezuela, Iran, and Russia. Sources within OPEC+ indicate ongoing discussions as they assess market conditions.
With economic concerns mounting and geopolitical risks shifting, oil markets remain volatile, keeping investors cautious about future price movements.
