WASHINGTON (dpa-AFX) - Oil prices fell sharply on Monday amid concerns about tariff threats and uncertainty about U.S. trade policy. Also, weak manufacturing data from China has raised concerns about the outlook for demand.
U.S. President Donald Trump's call to OPEC to increase output and lower oil prices contributed as well to the downside.
Saudi Arabia's plan to raise oil prices, and U.S. sanctions on Russian oil exports helped limit the contract's loss to an extent.
West Texas Intermediate Crude oil futures for March closed down $1.49 or about 2% at $73.17 a barrel.
Brent crude futures settled at $77.08 a barrel, losing $1.42 or about 1.81%.
After threatening tariffs on Colombia over a migrant dispute, the U.S. paused the measures after Bogotá agreed to President Trump's conditions. This follows some impactful trade actions targeting China, Canada, Mexico, and the EU, alongside calls for OPEC to lower oil prices.
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