Oil Outlook Clouded by OPEC+ Output, Trade Tariff Risks

OPEC+’s plan to start raising output next month and the latest round of U.S. tariffs on trade partners are weighing on the oil market’s outlook, raising concerns about a supply surplus and demand growth this year.

Brent crude is trading near a five-month low, down nearly 15% from a high of $82 a barrel in January. Mid-afternoon in Europe, it fell 2% to $70.19 a barrel, with the U.S. benchmark, West Texas Intermediate, down 1.6% to $67.27 a barrel.