Oil drops for third day on OPEC+ output increase, Trump tariffs

NEW YORK, Mar 05 (Reuters): Oil prices declined for a third day on Wednesday, as investors worried about OPEC+ plans to proceed with output increases in April, and US President Donald Trump's tariffs on Canada, China and Mexico escalated trade tensions.

Brent futures fell $1.47, or 2.1 per cent, to $69.57 a barrel by 1408 GMT. US West Texas Intermediate (WTI) crude declined $1.77, or 2.6 per cent, to $66.49 a barrel.

The contracts settled near multi-month lows the previous day, weighed down by expectations the US tariffs and counter-tariffs by the affected countries will slow economic growth and reduce fuel demand.

Canada and China retaliated immediately to Trump's tariffs on Tuesday, and Mexican President Claudia Sheinbaum said the country would respond, without giving details.