Oil prices drop due to trade war fears, Saudi Arabia cuts export prices, OPEC+ increases supply

From Yahoo Finance: 2025-04-07 09:02:00

Oil prices dropped almost 3% on Monday after falling 11% last week due to trade war fears impacting demand. Saudi Arabia cut crude export prices to Asia by $2.30 per barrel for May. WTI futures briefly dipped below $60 per barrel, with Brent hovering above $63.

Energy equities led market declines post-tariff announcement. WTI plummeted over 7% last Friday after China imposed 34% tariffs on US goods. Trump’s tariffs triggered a global stock market sell-off, with crude dropping over 6% despite being exempt from duties.

OPEC+ agreed to increase supply by over 400,000 barrels per day in May, deepening crude losses. Goldman Sachs analysts lowered their 2025 price forecast for Brent to $62 and WTI to $58. The US and global economy could face a recession if tariffs remain in place.



Read more at Yahoo Finance: Oil sinks further amid tariff turmoil as Saudi Arabia slashes prices