Oil Prices Take a Dive as Trade Tensions Rise

Crude oil prices experienced a significant drop this Thursday, following the announcement by United States President Donald Trump of imposing tariffs on imports worldwide. This move has sparked widespread concern over the potential impacts on global trade and economic stability.

OPEC+ Agrees to Increase Oil Production

In a related development, the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have decided to increase oil output by 411,000 barrels per day starting May. This decision marks an acceleration in their previously planned production increases.

Market Reaction to the Developments

The market's response was immediate, with West Texas Intermediate for May deliveries plunging 7.10% to $66.59 per barrel by 10.28 am ET. Similarly, Brent for June settlements saw a 6.60% drop, settling at $69.97 per barrel.