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Commodity Mid Session News

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(04 Mar 2025, 13:38)

Oil slips below $68 as OPEC+ plans output boost and tariff woes grow

Crude oil futures sank below $68 per barrel on Tuesday, dragging MCX March delivery prices down by Rs 61 to Rs 5928, as fresh waves of supply and demand fears hit the market. OPEC+ rattled traders by confirming it will finally restart 2.2 million barrels per day of sidelined output from April 1, bowing to mounting pressure from US President Trump to cool soaring prices. Sentiment soured further as Trump pushed ahead with 25% tariffs on Mexican and Canadian goods, alongside another 10% hit on Chinese imports, stoking fears of slower global growth and weaker fuel demand. On the geopolitical front, tensions stayed high after heated talks between Trump and Ukraine's Zelensky dimmed hopes for peace, adding yet another layer of uncertainty for oil markets already on edge.
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