India, March 3 -- Oil prices fell sharply to a near three-month low on Monday, weighed down by concerns about possible excess supply in the market after reports said OPEC and allies would go ahead with a plan of oil output increase in April.
Oil prices were also hurt by worries about global growth and outlook for oil demand due to new U.S. tariffs on Canada and Mexico set to come into force from Tuesday.
An additional 10% duty on Chinese goods will also take effect on Tuesday.
Worries about geopolitical tensions weighed as well on oil prices.
West Texas Intermediate Crude oil futures for March settled lower by $1.39 or nearly 2%, at $68.37 a barrel.
Brent crude futures closed down $1.19 or 1.63%, at $71.62 a barrel.
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