Oil Prices Hit Lowest Since December 2021

Crude oil prices continued their downward trajectory on Friday, fueled by growing concerns over a potential decrease in demand. This anxiety stems from the recent imposition of trade tariffs by the United States. In a related development, OPEC+ has announced an increase in output by 411,000 barrels per day for May, exceeding initial expectations.

Market Reaction

West Texas Intermediate (WTI) for May deliveries experienced a sharp decline, dropping by 4.57% to $63.87 per barrel by 6:19 am ET. Similarly, Brent crude for June settlements saw a decrease of 4.19%, trading at $67.09 per barrel.