Brent futures fell 90 cents, or 1.26%, to $70.72 per barrel, while U.S. West Texas Intermediate (WTI) fell 79 cents, or 1.16%, to $67.58.
The current downward trend in oil prices is mainly due to OPEC+'s decision to extend its planned April oil production increase by 138,000 barrels per day and the introduction of US tariffs, said Darren Lim, commodities strategist at Phillip Nova.
"While this decision aims to gradually roll back previous production cuts, it has raised concerns about a potential oversupply in the market," he said.
Retaliatory tariffs from China and Canada are expected to weigh on economic activity and fuel demand, putting further pressure on oil prices.
In addition, Trump's decision to suspend all U.S. military aid to Ukraine following a showdown with President Volodymyr Zelenskyy last week also contributed to the bearish trend, as the development was seen as a signal of a possible easing of sanctions against Russia, which could increase oil supply.
On March 3, Trump ordered a complete suspension of military aid to Ukraine after his heated Oval Office argument with President Volodymyr Zelenskyy last week. This includes all military aid not currently in Ukraine – equipment already loaded in transit, or awaiting disbursement in Polish transit zones.