Overview

• Texas Intermediate crude fell below $62 per barrel, marking the lowest oil prices in over three years, with an 8% drop on Friday alone.
• OPEC+ announced a larger-than-expected production increase of 411,000 barrels per day starting in May, contributing to oversupply concerns.
• The Trump administration introduced sweeping tariffs, including a baseline 10% tariff on all imports, prompting fears of a global recession and reduced energy demand.
• China retaliated with a 34% tariff on all U.S. goods, set to take effect on April 10, further exacerbating trade tensions and market uncertainty.
• Analysts warn that oil prices could fall as low as $50 per barrel but note potential supply disruptions from sanctions and tariffs that might trigger a rebound above $70.