Oil prices fell for the third day in a row, tumbling more than 3 per cent to the lowest level in three years as traders reacted to a succession of negative indicators for crude demand.
Brent crude, the international benchmark, dropped to $68.68 on Wednesday, the lowest since December 2021. West Texas Intermediate, the US marker, declined more than 4 per cent to $65.27.
The moves came after the US Energy Information Administration reported a larger-than-expected rise in US crude oil stocks, adding to concerns about a slowdown in economic activity after President Donald Trump confirmed new trade tariffs this week on Canada, Mexico and China.
The drop added to losses since Monday when Opec+ surprised the market by confirming it would proceed with a previously delayed plan to pump more crude by ending long-standing production cuts in April. The cartel’s decision means eight members of the producer group, including Saudi Arabia and Russia, will increase production by a combined 2.2mn barrels a day over the next 18 months.