WTI falls below $74.00 as Trump reiterates his call for OPEC+ to reduce Oil prices

• WTI depreciates US President Donald Trump called on OPEC+ to reduce crude Oil prices.
• Trump reiterated his demand for OPEC+ to lower Oil prices to hurt Russia's finances and end the Ukraine war.
• The White House confirmed that Colombia has agreed to all of the terms, following the threat of trump tariffs.

West Texas Intermediate (WTI) Oil price has reversed the gains made in the previous session, trading around $73.90 per barrel during Monday's Asian trading hours. Crude oil prices face pressure as US President Donald Trump sparked trade concerns, urging OPEC+ (the Organization of the Petroleum Exporting Countries and its allies) to reduce crude prices.

On Friday, Trump reiterated his demand for OPEC+ to lower Oil prices in an effort to hurt the finances of Oil-rich Russia and help end the war in Ukraine. "One way to stop it quickly is for OPEC to stop making so much money and drop the price of Oil... That war will stop right away," Trump stated. However, OPEC and its allies, including Russia, have yet to respond to Trump's call, with OPEC+ delegates pointing to a plan to increase oil output starting in April.

President Trump also warned of imposing taxes, tariffs, and sanctions on Russia "and other participating countries" if a deal to end the Ukraine war is not reached soon. In response, Russian President Vladimir Putin suggested a meeting with Trump to discuss the war and energy prices.

Crude supply concerns also emerged on Sunday when Trump announced plans to impose a 25% tariff on all Colombian goods entering the United States (US), with intentions to increase it to 50% within a week. This move followed Colombia's refusal to allow two US military planes, carrying deported migrants, to land.

In retaliation, Colombia, a key US trading partner and Oil supplier, threatened to impose tariffs on US imports. The US is the largest buyer of Colombia's seaborne crude exports, purchasing 183,000 barrels per day (bpd) in 2024, or 41% of Colombia's total exports, according to data from analytics firm Kpler. Additionally, data from the US Energy Information Administration shows the US imported 228,000 bpd of crude and products from Colombia in 2023.

In a surprising twist, the White House announced on Monday that "Colombia has agreed to all of President Donald Trump's terms, including the unconditional acceptance of all illegal aliens from Colombia who are returned from the United States."