OPEC+ Oil Output Rise and Geopolitical Strains Affect Markets

Oil prices have fallen to a three-month low as OPEC+ announced plans to increase production starting in April, reversing previous output cuts. This decision, influenced by pressure from U.S. President Trump to lower prices, adds to concerns over potential oversupply in the market. Additionally, U.S. tariffs on imports from Canada, Mexico, and China, which are set to take effect, raise fears of reduced global growth and energy demand. The geopolitical tensions related to the Russia-Ukraine conflict and Trump's halt of military aid to Ukraine further complicate the market outlook. The fall in oil prices has also impacted cryptocurrency markets, with Bitcoin and Ethereum experiencing declines due to increased energy costs for mining. Analysts highlight that the combination of OPEC's production increase and U.S. trade policies is currently pressuring oil prices downward.