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• WTI price trades in negative territory near $67.65 in Wednesday’s early Asian session. 
• OPEC+ said it will proceed with a plan to increase oil production from April. 
• Crude oil stockpiles in the US fell by 1.455 million barrels last week, according to the API. 
• Trump’s tariff threats could undermine the WTI price. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.65 during the early Asian session on Wednesday. The WTI price attracts some sellers amid geopolitical concerns, the OPEC+ production increase announcement and US tariffs on Canada, Mexico and China. 

On Monday, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, said it will proceed with a plan to increase oil production from April. This increase follows a series of output cuts made by OPEC+ to stabilize the market. 

"The change in OPEC strategy looks like they are prioritizing politics over price. Those politics are likely connected with the wheeling and dealing of Donald Trump,” said Bjarne Schieldrop, chief commodities analyst at SEB.

Crude Oil inventories saw a larger-than-expected drop last week. The American Petroleum Institute (API) weekly report showed crude oil stockpiles in the United States for the week ending February 28 fell by 1.455 million barrels, compared to a decline of 640,000 barrels in the previous week. The market consensus estimated that stocks would decrease by 300,000 barrels. 

US President Donald Trump confirmed that tariffs on Canada and Mexico would go into effect on Tuesday. The measures Trump had previously reaffirmed the new March date after having initially set it for April. Additionally, tariffs on imports of Chinese goods were increased to 20% from 10%. Analysts expect the tariffs to curb economic activity and demand for energy, weighing on the WTI price.

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