Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing's retaliatory tariffs.

Crude oil futures drop as OPEC+ plans gradual production increase, impacting global oil market and commodity trading trends.

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 with them.

Crude oil futures fell to their lowest this year after a surprise decision by OPEC+ to restart some halted production, a move that threatens to deepen a projected global surplus of crude.