Overview

• West Texas Intermediate crude fell over 7.5% to $66.10 per barrel, while Brent crude dropped below $70 per barrel, reflecting panic selling in oil markets.
• President Trump's new tariffs impose a baseline 10% levy on most imports, excluding energy, with higher rates targeting key trading partners like China, whose tariffs now total 54%.
• OPEC+ announced a larger-than-expected production hike of 411,000 barrels per day for May, significantly exceeding prior expectations of 137,000 barrels.
• Analysts warn that the combination of increased oil supply and global economic uncertainty from tariffs will likely depress demand and heighten market volatility.
• The U.S. Energy Information Administration reported an unexpected 6.2 million barrel increase in crude inventories last week, adding further pressure on oil prices.