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Oil prices fall more than 2% after inventory build
Oil prices fell for a fourth straight session on Wednesday, March 5, after U.S. crude inventories rose more than expected, adding to headwinds as investors fret about OPEC+ plans to boost output in April and U.S. tariffs on Canada, China and Mexico.
Brent crude futures fell $1.74, or 2.45%, to settle at $69.30 a barrel.
U.S. crude futures fell $1.95, or 2.86%, to settle at $66.31 a barrel, according to Reuters.
Prices pared losses after hitting multi-year lows earlier in the session - Brent fell to $68.33, its lowest since December 2021, while U.S. crude futures touched $65.22, their lowest since May 2023.
Both crudes recovered slightly after U.S. Commerce Department chief Howard Lutnick said U.S. President Donald Trump would make the final decision on whether to grant any tariff exemptions for certain industries.
While Lutnick said the 25% tariffs on Canada and Mexico would remain in place, the exemption under consideration would remove a 10% tariff on Canadian energy imports, such as crude oil and gasoline, that comply with rules of origin under the U.S.-Mexico-Canada Agreement, a source familiar with the discussions told Reuters.
US stockpiles fall
The US Energy Information Administration said US crude oil inventories rose more than expected last week amid seasonal refinery maintenance, pushing prices lower.
