Oil prices fell on Monday as concerns about the impact of U.S. import tariffs on global economic growth and fuel demand and rising OPEC+ production dampened investors’ appetite for riskier assets.

Brent crude fell 31 cents, or 0.4%, to $70.05 a barrel by 0445 GMT after rising 90 cents on Friday. WTI crude fell 35 cents, or 0.5%, to $66.69 a barrel after closing 68 cents higher in the previous trading session.

WTI fell for a seventh straight week, its longest losing streak since November 2023, while Brent fell for a third straight week after Trump imposed tariffs on Chinese goods and later delayed tariffs on key oil suppliers Canada and Mexico. China has responded to the US and Canada with tariffs on agricultural products.

While tariff uncertainty is the main factor, Saudi Arabia’s oil price cuts and deflationary signals from China are also weighing on sentiment. Saudi Aramco has lowered crude oil prices to Asia for the first time in 3 months.

Other factors affecting oil prices include concerns about US growth, the possibility of the lifting of US sanctions on Russia, and OPEC+’s preference for increasing production.

Still, with most of the bad news factored in, weekly support around $65/62 is expected to hold firm.

Oil prices have recouped some of the losses on Friday after Trump said the US would increase sanctions if Russia did not reach a ceasefire with Ukraine.

Amid the uncertainty, there are also concerns that the US is looking to ease sanctions on Russia’s energy sector if Russia agrees to end its war with Ukraine.

Meanwhile, allied producers known as OPEC+ say that they are decisive to increase oil production from April.

However, Russian Deputy Prime Minister Alexander Novak said on Friday that OPEC+ could reverse the decision if market volatility deteriorates.

In addition to supply concerns, Saudi Arabia in April slashed prices of the grades of crude it sells to Asia for the first time in three months.

Changing, reversing, and cancelling sharp decisions, acting as if they were not his own words, and displaying attitudes and behaviors contradicting statesmanship have become standard and increase uncertainty.

Last week, Trump said he wanted to negotiate a deal with OPEC member Iran to prevent it from nuclear weapon development, while Iran has said it is not seeking such weapons.

Trump is ambitious about a “maximum pressure” campaign against Iran. Iranian Leader Ayatollah Ali Khamenei said on Saturday that his country could not be forced into negotiations.