Uncertainty over tariffs and OPEC+ output causing oil price volatility

From Yahoo Finance: 2025-05-06 14:17:00

Oil prices are volatile due to fears of oversupply from OPEC+ output hikes and uncertainty over tariff impact, says the EIA. Trump’s tariff policies are also affecting prices, potentially leading to a global trade slowdown. U.S. oil producers are cutting spending as prices fall, with production forecasts revised downward.

Read more: Higher OPEC+ output, tariff uncertainty raising oil price volatility, EIA says