The assets of oil companies continue to decrease in price on the secondary market following reports that OPEC+ plans to increase production in April. Alongside this, the implementation of American customs duties on Canada, Mexico, and China, as well as the announcement from Beijing about the introduction of counter tariffs, contribute to the reduction in oil prices.
The trading volume of Brent crude oil in recent sessions differs little from the minimum indicator over the past five months. Darren Lim, a raw materials analyst at Phillips Futures, expressed his view on the current drop in oil prices.
"The current trend of falling oil prices is clear," noted Lim.
Brent crude oil futures fell by $1.04 or 1.45 percent to $70.58 per barrel at 14:17 GMT, while the prices for American oil, West Texas Intermediate, declined by 73 cents or 1.07 percent to $67.64.
