Oil Prices Take a Sharp Dive

In a dramatic turn of events, crude oil prices experienced a significant drop this Thursday. The decline follows the United States President Donald Trump's decision to impose tariffs on imports from various countries, sparking widespread concern over the future of global trade and economy.

OPEC+ Agrees to Increase Production

Adding to the market's volatility, the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have agreed to increase oil output by 411,000 barrels per day. This move accelerates their previously planned production hikes, further influencing oil prices.

Market Reactions

West Texas Intermediate for May deliveries saw a 7.10% plunge, trading at $66.59 per barrel by 10.28 am ET. Similarly, Brent for June settlements dropped 6.60%, reaching $69.97 per barrel.