Oil Prices Continue to Decline

For the third consecutive session, oil prices have seen a decline, primarily due to concerns over OPEC+'s decision to increase oil production by 138,000 barrels per day in April. This marks the group's first production rise since 2022, sparking fears of an oversupply in the market.

Impact of US Tariffs

Adding to the downward pressure on oil prices are the new US tariffs, including a 25% duty on imports from Canada and Mexico, and an elevated tariff rate of 20% on certain Chinese products. These tariffs have prompted immediate retaliatory measures, raising concerns over potential economic growth slowdowns and their impact on energy demand.

Market Reaction

West Texas Intermediate (WTI) for April settlements fell by 1.09% to $67.12 per barrel, while Brent for May deliveries dropped by 1.24% to $70.14 per barrel, reflecting the market's reaction to these developments.