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.


Oil Prices Slip in Asia as 2026 Supply Glut Fears and Russia-Ukraine Talks Weigh on Markets
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026
U.S. Dollar Slips Near Two-Month Low as Markets Await Key Jobs Data and Central Bank Decisions
China’s November Economic Data Signals Slowing Industrial Output and Weak Consumer Demand
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge
Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets
U.S. Stock Futures Mixed as Tech and AI Stocks Face Pressure Ahead of CPI Data
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns
Bank of Japan Poised for Historic Rate Hike as Inflation Pressures Persist
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 



