Oil declines for third straight session

04/03/2025 Argaam

Oil declines for third straight session

Oil drilling rigs

Oil prices fell for a third straight session today, March 4, as OPEC+ announced it would go ahead with plans to boost output in April, while investors avoided risk due to escalating trade tensions.

 

Brent crude futures for May delivery fell 0.8%, or 58 cents, to $71.04 a barrel, after touching $69.75.

 

WTI crude futures for April delivery fell 0.15%, or 11 cents, to $68.26 a barrel, after touching $66.77.

 

Oil prices pared losses after the US Treasury Department issued an update today giving Chevron Corp. until April 3 to scale back oil exports and other operations in Venezuela.

 

The American Petroleum Institute's report on oil inventories is expected to be released on March 5, ahead of the official data from the US Energy Information Administration, amid expectations of a rise in crude inventories by 600,000 barrels.

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