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.

Oil futures settled lower Tuesday, with global benchmark prices ending their lowest since November, a day after the Organization of the Petroleum Exporting Countries and its allies said they would proceed with plans to unwind some production curbs in April.

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.