Oil prices took a hit on Tuesday, following reports that OPEC+ plans to increase production in April, paired with additional pressure from US tariffs imposed on Canada, Mexico, and China. Brent crude futures fell by $1.04 to $70.58 per barrel, nearing a five-month low, while West Texas Intermediate (WTI) dropped by 73 cents to $67.64.

Market analysts attribute the downturn primarily to the conflicting strategies of these geopolitical players. The decision by OPEC+ to increase output has raised concerns about potential oversupply in the market, which investors should monitor closely.

As the energy sector faces these pressures, heedful strategies and informed decisions will be important for stakeholders navigating the current landscape.