Oil prices fell for the fourth straight session on Wednesday due to a larger-than-expected U.S. crude inventory build, OPEC+’s planned output increase, and trade tensions. Brent crude settled at $69.30, down $1.74 (2.45%), while WTI closed at $66.31, down $1.95 (2.86%).
U.S. crude inventories rose by 3.6 million barrels to 433.8 million, far exceeding expectations of a 341,000-barrel increase, pushing Brent down more than $2 after the data release. OPEC+ confirmed a 138,000 bpd production increase starting in April, marking its first since 2022.
Meanwhile, U.S. tariffs on Canada, Mexico, and China took effect, prompting immediate retaliation. Concerns over economic slowdowns led JP Morgan analysts to warn that a 100-basis-point drop in U.S. GDP growth could reduce global oil demand by 180,000 bpd. The U.S. also revoked Chevron’s license to operate in Venezuela, potentially cutting 200,000 bpd from the market.