Overview

• Oil prices experienced a steep decline of over 6%, the largest drop since 2022, with Brent crude closing at $70.14 per barrel and WTI at $66.95.
• OPEC+ accelerated its planned production increase, raising output by 411,000 barrels per day in May, nearly tripling the previously scheduled hike.
• President Trump introduced sweeping tariffs, including a 10% minimum on most imports, exempting oil and gas, intensifying concerns about a global economic slowdown.
• Analysts predict heightened oil price volatility and recession risks as increased supply and trade tensions weigh on market sentiment.
• U.S. crude inventories rose unexpectedly by 6.2 million barrels last week, further exacerbating downward pressure on oil prices.