Oil futures are on track to end March at similar levels seen at the end of February, as prices have recovered since OPEC+ announced that it'd start unwinding its voluntary production cuts on April 1. 

The OPEC+ plan had already fueled oversupply fears, and with President Donald Trump's tariffs clouding economic expectations, crude prices fell to their lowest levels in around six months.

Since then, prices have been supported by expectations of weaker demand amid the ongoing trade war. The U.S. also said it'd refill its Strategic Petroleum Reserve to full capacity, which could ease the oversupplied market.

More recently, Trump threatened secondary tariffs on oil from Venezuela, Russia, and Iran. With Trump's renewed focus on Venezuela and Iran, "the upside risks to oil prices from his foreign policy are crystallizing," said Kieran Tompkins, senior climate and commodities economist at Capital Economics, as quoted by MarketWatch.

But he added that OPEC's roughly 6M bbl/day of spare capacity and willingness to raise production would likely "blunt some of the risks from this potential disruption to the oil market."

Crude futures were higher Monday morning - CL1:COM +0.1% to $69.44/bbl, CO1:COM +0.2% to $72.90/bbl.