Oil Prices Take a Dip

In a surprising turn of events, crude oil prices experienced a significant drop, falling by more than 1.5% this Thursday. This decline comes in the wake of the International Energy Agency's (IEA) latest monthly report, which has revised its global oil demand projections downward for the year 2025.

Behind the Numbers

The IEA's adjustment is largely attributed to escalating trade tensions, which have cast a shadow over global economic growth prospects. Adding to the market's unease are recent threats by United States President Donald Trump, who has proposed imposing a 200% tariff on alcohol exports from the European Union, further complicating international trade relations.

Market Reaction

As a result of these developments, West Texas Intermediate for April deliveries saw a decrease of 1.77%, settling at $66.53 per barrel by 2:01 pm ET. Similarly, Brent crude for May settlements wasn't spared, dropping by 1.68% to $69.81 per barrel. Investors and market watchers are now closely monitoring these shifts, as they could signal broader economic trends and impact global markets.