Oil dives more than 6%, steepest fall in 3 years on tariffs, OPEC+ supply boost
Oil prices swooned on Thursday to settle with their steepest percentage loss since 2022, after OPEC+ agreed to a surprise increase in output the day after U.S. President Donald Trump announced sweeping new import tariffs
Brent futures settled at $70.14 a barrel, down $4.81, or 6.42%. U.S. West Texas Intermediate crude futures finished at $66.95 a barrel, down $4.76, or 6.64%.
Brent was on course for its biggest percentage drop since August 1, 2022, and WTI its biggest since July 11, 2022.
At a ministers' meeting on Thursday, OPEC+ countries agreed to advance their plan for oil output hikes, now aiming to return 411,000 barrels per day to the market in May, up from 135,000 bpd initially planned.
"The economy and oil demand are inextricably linked," said Angie Gildea, KPMG U.S. energy leader.
"Markets are still digesting tariffs, but the combination of increased oil production and a weaker global economic outlook puts downward pressure on oil prices - potentially marking a new chapter in a volatile market."
Source: Reuters
