Oil prices fell on Monday afternoon to their lowest level of the year after the OPEC oil cartel and its allies affirmed plans to gradually increase crude production beginning in April.

Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns U.S. tariffs on Canada, Mexico and China will slow economic and fuel demand growth hammered investor sentiment.

A group of oil-producing countries known as OPEC+ will proceed with a long-delayed hike in oil production. Eight countries that have repeatedly delayed production increases will now move forward