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 about 2% to a 12-week low on Monday on reports OPEC+ will proceed with a planned oil output increase in April and worries U.S. tariffs could hurt global economic growth and oil demand.

Oil headed lower for a fourth straight session Wednesday, with crude prices hitting their lowest levels since September, on prospects for a global trade war that could dent demand and plans by major oil producers to begin unwinding output cuts next month.