Oil Prices Take a Significant Hit

Crude oil prices have continued their downward trajectory, marking a significant drop amidst growing concerns over potential demand shrinkage due to recent U.S. trade tariffs. The market's reaction reflects the heightened uncertainty surrounding global trade dynamics.

OPEC+ Announces Output Increase

In a move that surprised many, OPEC+ disclosed plans to boost production by 411,000 barrels per day in May, a figure that exceeds initial expectations. This decision has further fueled the decline in oil prices, as the market adjusts to the prospect of increased supply.

Market Reaction

As of early trading on Friday, West Texas Intermediate for May deliveries saw a sharp decline of 4.57%, settling at $63.87 per barrel. Similarly, Brent for June settlements wasn't spared, dropping 4.19% to $67.09 per barrel.