Muscat: Oil prices fell for a second day in early trade today on worries that US tariffs on Canada, Mexico and China would slow economies around the world and hurt energy demand while OPEC+ ramps up its supply. Brent futures fell 29 cents, or 0.42%, to $68.99 a barrel, while US West Texas Intermediate crude futures lost 36 cents, or 0.55%, to $65.67 a barrel.

According to Oman News Agency, the ongoing trade tensions fueled by US tariffs have raised alarms about potential economic slowdowns. These concerns are affecting global energy demand, with markets responding to the possibility that tariffs could impact global trade dynamics and economic growth.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have also been increasing their oil production, adding to the pressure on oil prices. The combination of rising supply from OPEC+ and the potential decrease in demand due to tariffs is contributing to the current downward trend in oil prices.