OPEC oil output rose in February, a Reuters survey found, as Iranian exports held strong, despite renewed U.S. attempts to curb the flows, and Nigeria boosted output above its target within the wider OPEC+ group.

The international benchmark fell to its lowest point since 2021 after a decision by Saudi Arabia and other producers to pump more crude surprised the markets.

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.