Dhaka, March 5 -- Oil prices steadied on Wednesday after hitting multi-month lows in the previous session, but remained under pressure as the market eyed plans by major producers to raise output in April as well as US tariffs on Canada, Mexico and China.

Brent futures inched 6.0 cents up, or 0.1 per cent, to $71.10 a barrel at 0730 GMT. US West Texas Intermediate (WTI) crude dipped 24 cents, or 0.4 per cent, to $68.02 a barrel.

In the previous session, the contracts settled at close to multi-month lows, weighed by concerns that the US tariffs and counter-tariffs by the affected countries will slow economic growth and reduce fuel demand, as per Reuters report.

"Unfavourable supply-demand dynamics have created a double whammy, with tarif...