Brent crude oil prices hit six-month low on rising supply concerns

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Reuters reported on the global crude oil market on Tuesday (4 March) that the price of Brent crude oil futures closed down 58 cents, or 0.8%, at $71.04 per barrel, which was the lowest level in the day at $69.75 per barrel, the lowest level since September.

US West Texas Intermediate ( WTI ) crude fell 11 cents a barrel, or 0.2%, to $68.26, after earlier falling to $66.77 a barrel, its lowest level since November.

Crude oil prices fell to multi-month lows on Tuesday after rcs data hong kong reports that OPEC+ plans to increase output in April, as prices remain under pressure from US tariffs on Canada, Mexico and China, as well as Beijing's retaliatory tariffs.

“The current downward trend in oil prices is mainly driven by the OPEC+ decision to increase production and the US import tariffs,” said Darren Lim, commodities strategist at broker Phillip Nova.

Another factor, he said, was President Donald Trump 's decision to suspend all US military aid to Ukraine after he had a heated argument with President Volodymyr Zelensky at the White House last week.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, decided on Monday to continue with a planned increase in oil output in April by 138,000 barrels per day, the first increase since 2022.