London — Oil prices fell on Thursday after gaining 3% in the previous session as investors are wary higher U.S. tariffs may be reinstated, which could cause lower fuel demand, and as major producers are expected to announce an output hike.
Brent crude futures fell 45 cents, or 0.65%, to $68.66 a barrel by 0645 GMT. U.S. West Texas Intermediate crude declined 44 cents, or 0.66%, to $67.01 a barrel
Both contracts rose to their highest in one week on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog, raising concerns the lingering dispute over the Middle East producer’s nuclear program may again devolve into armed conflict, and the U.S. and Vietnam reached a preliminary trade deal.
Additionally, the Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia, known as OPEC+ will likely agreed to raise their output by 411,000 barrels per day (bpd) at their meeting this weekend. Reuters
