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Oil price tumbles to three-year low on signs of waning US demand

  • Eric Nuttall, a prominent Canadian energy investor, states that sentiment in global oil markets is at lows not seen since the COVID-19 pandemic, with many energy stocks hitting 52-week lows recently and market volatility influenced by uncertainty around U.S. President Donald Trump's policies.
  • Following OPEC+'s decision to increase crude production for the first time since October 2022, oil prices fell to a five-month low, amid Trump's calls to lower prices and his new tariffs on Canadian and Mexican oil imports.
  • Analysts warn that new tariffs on oil imports could restrict supply options for refiners and increase U.S. Gas prices, creating challenges for consumers amidst refinery bottlenecks and seasonal price hikes.
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E24 broke the news in Oslo, Norway on Monday, March 3, 2025.
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