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WTI and Brent benchmarks register multiple weekly declines

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IEA and OPEC monthly reports expected this week

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Saudi Aramco cuts crude prices to Asia

(Updates prices to settlement, adds commentary)

By Laila Kearney and Enes Tunagur

NEW YORK/LONDON, March 10 (Reuters) - Oil prices were

down 1% on Monday on fears that U.S. tariffs on Canada, Mexico

and China would slow economies around the world and slash energy

demand while OPEC+ ramps up its supply.

Brent crude oil futures futures settled at $69.28 a

barrel, down $1.08, or 1.5%. U.S. West Texas Intermediate

futures settled at $66.03 a barrel, shedding $1.01, 1.5%.

Last week marked WTI's seventh consecutive weekly decline,

the longest losing streak since November 2023, while Brent fell

for a third consecutive week.

U.S. President Donald Trump's protectionist policies have

roiled markets across the world, with Trump imposing and then

delaying tariffs on his country's biggest oil suppliers --

Canada and Mexico -- while also raising duties on Chinese goods.

China and Canada have responded with tariffs of their own.

"This market is on tenterhooks and there's a lot to be

processing as we move forward," said John Kilduff, partner with

Again Capital in New York. "There are recession talks for the

U.S. and it's very concerning for the macro picture."

Over the weekend, U.S. Commerce Secretary Howard Lutnick

said

Trump would not let up pressure on tariffs on Mexico,

Canada and China.

Investors now are worried about a possible economic slowdown

that could curtail oil demand. Stocks, which crude prices often

follow, continued a steep decline amid tariffs concerns, with

the benchmark S&P 500 falling 2% in mid-day trade and the

Nasdaq Composite sliding more than 3%.

On Friday, Russia's Deputy Prime Minister Alexander Novak

said the OPEC+ group agreed to start increasing oil production

from April, but could reverse the decision afterwards if there

are market imbalances.

Also on the supply front, Trump is seeking to choke off

Iranian oil exports as part of efforts to pressure Tehran to

rein in its nuclear programme. Iran's Supreme Leader Ayatollah

Ali Khamenei said on Saturday that his country will not be

bullied into negotiations.

Possible sanctions against Iran and Russia could provide

support in the short term, said PVM analyst Tamas Varga.

"Looking at the bigger picture, lingering uncertainties will

likely make any oil rally brief," Varga said.

Oil rebounded from six-month lows on Friday after Trump said

the United States would intensify sanctions on Russia if it

fails to reach a ceasefire deal with Ukraine.

The U.S. is also studying ways to ease sanctions on Russia's

energy sector if Moscow agrees to end its war with Ukraine, two

people familiar with the matter told Reuters.

Later this week, investors will assess monthly reports from

the International Energy Agency and OPEC for demand and supply

forecasts.