COMMODITY
Crude oil futures end lower for third straight day
Mar-05-2025

Crude oil futures end lower on Tuesday, amid concerns about possible excess supply in the market after OPEC and allies decided to go ahead with their plans of increasing crude output. Besides, drop in oil demand due to the impact of new tariffs by the U.S. on China, Canada and Mexico, and the retaliatory moves by Canada and China, weighed as well on oil prices. Meanwhile, Canada announced 25% tariffs on $107 billion worth of U.S. goods, with $20.7 billion in immediate effect. Mexican President Claudia Sheinbaum said her country is preparing countermeasures.

Benchmark crude oil futures for March decreased $0.11 or about 0.2% at $68.26 a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased $0.8 or 0.58% to settle at $71.04 a barrel on London's Intercontinental Exchange.


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