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Commodity News Details
Weekly Crude Oil Review: WTI futures tumble under $70 per barrel
08-Mar-2025 14:26
WTI Crude Oil futures dipped under $67 per barrel, testing around six-month low. Traders grew cautious as OPEC+ stuck to its plan to gradually unwind 2.2 million bpd in cuts from April through 2026. Adding fuel to the drop, the Trump administration suspended US military aid to Ukraine and hinted at easing sanctions on Russia, possibly boosting Russian oil flows. Fresh US tariffs on Canada, Mexico, and China sparked fears of slower growth and weaker demand. Meanwhile, tensions rose as the US signaled plans to pull Chevron's license to operate in Venezuela. China's crude oil imports dipped over the first two months of the year, recording a drop of 5% on same period in 2024. The total crude oil that China imported over the first two months of the year came in at 83.85 million tons. Crude oil imports into China also declined last year, for the first time in some 20 years, excluding the Covid lockdown period. MCX Crude oil futures broke under $70 per barrel mark amid a hefty correction.

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