Singapore February 28 2025: Oil prices eased on Friday, heading for their first monthly drop since November, as uncertainty over global economic growth and fuel demand from Washington’s tariff threats and further signs of a U.S. economic slowdown outweighed supply concerns.
The more active May Brent crude futures slipped 31 cents, or 0.4%, to $73.26 a barrel by 0348 GMT, while U.S. West Texas Intermediate crude futures were at $70.04 a barrel, down 31 cents, or 0.4%. Front-month Brent that expires later on Friday traded at $73.69, down 35 cents, or 0.5%.
Both benchmarks are on track to post their first monthly decline in three months.
A long list of factors including economic slowdown fears in the U.S., tariffs, OPEC+ plans to increase supply in April and hopes of peace in Ukraine are curbing investors’ risk appetite and depressing prices, IG market analyst Tony Sycamore said.
“The only counter arguments are the price has already fallen a lot,” he said, adding that WTI is well supported between $65 and $70 a barrel based on technical charts.
U.S. President Donald Trump on Thursday said his proposed 25% tariffs on Mexican and Canadian goods will take effect on March 4, along with an extra 10% duty on Chinese imports.
