0823 GMT - Oil prices extend losses after news that OPEC+ will start raising output in April and as U.S. tariffs took effect, raising fears of a trade war that could hurt the global economy and crude demand. Brent falls 1.3% to $70.68 a barrel, while WTI is down 1.1% to $67.63 a barrel in early trade. OPEC+'s decision "is motivated by the market pivoting from a strategy wherein OPEC+ had supported prices to a more long-run equilibrium wherein OPEC+ defends market share," analysts at MUFG say. "The negative price reaction has been further exacerbated by the risk-off mood triggered by the U.S.-led escalations in the trade war." Meanwhile, President Trump suspended military aid to Kyiv, raising further uncertainty over the future of peace talks following his clash with Ukrainian President Volodymyr Zelensky. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 04, 2025 03:24 ET (08:24 GMT)
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