Overview

• West Texas Intermediate (WTI) crude dropped to under $62 per barrel, marking its lowest level since 2021, as Brent crude also fell below $65.
• OPEC+ announced a significant production hike of 411,000 barrels per day starting in May, nearly triple the previously expected increase, exacerbating oversupply concerns.
• The U.S.-China trade war escalated with reciprocal tariffs, including China's 34% duty on U.S. goods, raising fears of reduced global energy demand and economic slowdown.
• Energy stocks, including U.S. refiners and Canadian energy firms, saw sharp declines, with some reaching multi-year lows as investors reacted to weakening demand and margins.
• Financial institutions like Goldman Sachs and JP Morgan have downgraded oil price forecasts, citing heightened recession risks, increased supply, and declining demand growth.