Global benchmark Brent was down nearly 3% on Wednesday, recovering slightly from a three-year low hit earlier in the session, after U.S. crude oil stockpiles posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to increase output in April and U.

The Brent crude benchmark sits at a six-month low below the $70 per barrel-mark. The OPEC+ cartel will increase its production by 138,000 barrels per day from April.

Key Takeaways Oil futures slumped to trade near their lowest levels in years as oil markets digested President Trump's tariffs on major trading partners and impending OPEC+ production hikes. Market participants are concerned that the tariffs on Canadian,