Oil Prices Take a Nosedive

In a dramatic turn of events, crude oil prices experienced a sharp decline, dropping over 8% this Friday. This significant drop comes in the wake of China's announcement of new tariffs on US goods, further intensifying the global trade war initiated by US President Donald Trump's protectionist measures.

OPEC+ and Market Reactions

The situation worsened as OPEC+ decided to accelerate its production increase plans starting May. In response to these developments, Goldman Sachs revised its 2025 oil price forecasts downward, pointing to increased recession risks and supply pressures amidst a deteriorating trade landscape.

Current Market Status

As of 8:21 am ET, West Texas Intermediate crude oil was trading at $62 a barrel, marking an 8.27% decrease, while Brent crude fell by 7.53% to $65.3. These figures indicate that both are heading towards their lowest closing points since April 2021.