0834 ET - Oil futures fall further after OPEC and allies confirmed plans to start gradually returning 2.2 million barrels a day of withheld production and the U.S. imposes tariffs on imports from Canada and Mexico. The OPEC+ decision is expected to add an estimated 138,000 barrels a day each month through September 2026. "Nevertheless, we continue to see scope for OPEC+ to manage the pace of this month-to-month, as the producer group noted this could be a gradual and flexible return," analysts at Citi Research say in a note. The decision is in line with Citi's expectation of Brent to fall to $60-$65 over the next six to 12 months, while the additional supply provides more room for U.S. sanctions pressure on Iran and even Venezuela, they say. WTI is off 1.2% at $67.53 a barrel, and Brent is down 1.5% at $70.54 a barrel.(anthony.harrup@wsj.com)
(END) Dow Jones Newswires
March 04, 2025 08:34 ET (13:34 GMT)
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