Oil heads for the first monthly decline since November with the weight of economic uncertainty

By Florence Tan

SENSAVER (Reuters) – Oil prices fell on Friday, heading to the first monthly decline since November, as uncertainty out of global economic growth and fuel demand from tariff threats in Washington and other signs of American economic slowdown.

The most active crude contracts in Brent fell 31 cents, or 0.4 %, to $ 73.26 a barrel by 0133 GMT, while crude in West Texas Intermediate was at $ 70.05 a barrel, a decrease of 30 cents, or 0.4 %. Brent ends in the front month later on Friday.

Both standards are on the right path to publish the first monthly decrease in three months.

The IG Market analyst said that a long list of factors including economic slowdown in the United States, definitions, OPEC+ plans to increase the offer in April, and peace hopes in Ukraine, deceive the appetite of investors and frustrated price analyst.

“The only counter arguments are that the price has already decreased a lot,” he said, adding that WTI is well -backed between $ 65 and $ 70 a barrel based on technical plans.

US President Donald Trump said on Thursday that his proposed tariff by 25 % on Mexican and Canadian goods will be valid on March 4, along with an additional duty of 10 % on Chinese imports.

It also reached the morale of the investors, Data showed that the demands of the unemployed jumped more than expected in the previous week, while another government report reported that economic growth slowed in the fourth quarter.

However, oil prices increased by more than 2 % on Thursday with supply fears after Trump canceled a giving license to the Chevron pioneer in the United States to work in Venezuela.

Sources close to the talks said that canceling the license could lead to a new agreement between the American producer and the US PDVSA to export crude to destinations other than the United States.

Eight OPEC+ sources said that OPEC+ discusses whether oil production will be raised in April as planned or freezing, as it struggles with its members to read the global offer due to the new US sanctions on Venezuela, Iran and Russia.

(Participate in reporting Florence Tan)