It fell below $ 70 on March 4 for the first time – Automobile Magazine

Oil prices are trying to recover after a seven -week decline, but Brent crude oil continues to fight to maintain critical $ 70.

US President Donald Trump’s tariff policies, weak global oil demand and OPEC+’s progressive production increase in April, put pressure on market sensitivity by putting pressure on prices.

Following Trump’s decision to increase China from 10 %to 20 %, Brent Crude Oil fell for the first time since October 2024 on March 4, before settling for $ 69.32 on 5 March.

Brend crude oil between 3-10 March reached $ 68.23, the lowest level of the week before settling for $ 70,19, and pointed to a decrease of 3.8 %and the lowest weekly closing since November 2021. Meanwhile, West Texas Intermediate (WTI) crude oil fell by 4.2 %compared to the previous week and closed for $ 66.85.

Brent crude oil, which expanded its losses to the next week, settled for $ 68.98 with a decrease of 1.7 %on March 10 compared to the previous day and has seen its lowest level since December 2021. However, prices fought to stay on the $ 70 threshold during the week.

In the week, which started on March 10, Brent crude oil remained constant compared to the previous week and settled for $ 70.24. WTI increased by 0.1 %to $ 66.91.

– Unlimited production policy can trigger market collapse

Vienna Energy Research Group President Feydoun Barshli, in his statement to the Anadolu Agency, weak global demand continues to be the main driving force behind the falling oil prices and the stagnation of oil consumption in 2025-2026 would be a great difficulty.

BARSHLI, large market players, especially China and India, including developing economies in the expectation of increased demand in the production capacity of the production capacity, he said. However, he noted that producers were increasingly disappointed by the performance of China and other Asian economies and that the economic appearance of Europe remained weak.

In addition, despite the fact that OPEC+ remained largely dependent on production cuts, the increasing production of non -OPEC+ members such as Norway, Canada, Brazil and the United States poses a threat to the market share of OPEC+ members.

BARSHLİ, OPEC+ members limited production and lost income, while the OPEC+ non -members producers have increased production and warned that they have gained market share. At the end of this imbalance, it can push OPEC+to increase its own oil supply.