OPEC+ and its allies confirmed on February 3 that they would proceed with their planned gradual production increase in April, causing international crude oil prices to drop to the lowest level in 12 weeks.

Besides, US President Donald Trump confirmed that the tariff measures against Canada and Mexico will be implemented as scheduled, and market concerns that this move could harm global economic growth and impact crude oil demand.

West Texas Intermediate (WTI) crude for April delivery decreased by US$1.39 (2%), reaching US$68.37/barrel on the New York Mercantile Exchange. Brent crude for the May delivery fell by US$1.19 (1.6%), settling at US$71.62/barrel.