Oil Prices Experience a Notable Decline

Crude oil prices saw a significant drop of more than 1% this Friday. The decline was triggered by comments from the United States President in a recent Time magazine interview, where he mentioned considering a "total victory" if the U.S. were to impose trade duties of up to 50% by the same time next year.

Investor Concerns Over OPEC+ Production Plans

Adding to the market's unease, reports suggesting that OPEC+ might increase production in the upcoming months have been circulating. This potential move has sparked fears of an oversupply in the market, a situation further exacerbated by Kazakhstan's hesitation to adhere to the group's agreed production levels.

Current Market Figures

As of 8:08 am ET, West Texas Intermediate (WTI) for June deliveries decreased by 1.43%, trading at $61.97 per barrel. Similarly, Brent's settlements for June fell by 1.26%, with prices at $65.73 per barrel by 8:09 am ET.