Oil Prices Continue to Decline

For the third consecutive session, oil prices have seen a significant decline. This downturn is primarily due to concerns over OPEC+'s decision to increase oil production by 138,000 barrels per day starting April, marking the group's first production rise since 2022. This move has sparked fears of a potential oversupply in the market.

Impact of US Tariffs on Oil Prices

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 led to immediate retaliatory measures from the affected countries, raising concerns over potential economic growth slowdowns and their subsequent effects on energy demand.

Current Oil Price Figures

West Texas Intermediate (WTI) for settlements in April tumbled by 1.09% at 5:43 am ET, selling for $67.12 per barrel. Similarly, Brent for May's deliveries dropped by 1.24% to sell for $70.14 per barrel a minute later.