Oil declined amid economic uncertainty and recessionary fears
Oil prices fell on Monday, 10 March 2025, as concerns over escalating US tariffs and rising OPEC+ supply weighed on market sentiment. Broader economic uncertainty and weakening demand expectations further reinforced the bearish outlook.
Oil prices fell on Monday, 10 March 2025, as concerns over escalating US tariffs and rising OPEC+ supply weighed on market sentiment. Broader economic uncertainty and weakening demand expectations further reinforced the bearish outlook.
Brent crude futures settled $1.08 lower at $69.28 per barrel.
WTI crude dropped $1.01 to close at $66.03 per barrel.
Both benchmarks saw a 1.5% decline.
Market caution intensified amid the United States’ unpredictable trade policies. While the government postponed a planned 25% tariff hike on Canada and Mexico, it signalled that it would retain a firm stance on trade with these key partners. This uncertainty dampened investment confidence, with buyers largely adopting a wait-and-see approach.
Meanwhile, recessionary concerns persisted as global trade protectionism gained momentum. Canada and China’s recent duty hikes on US goods underscored the increasingly restrictive trading environment, raising further questions about global economic growth and the stability of oil demand.
Adding to uncertainties, OPEC+ provided mixed signals over its near-term production plans. The group confirmed an output increase for April but indicated flexibility to reverse course if market conditions warranted an adjustment.
Written by: Derek Yong