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Oil Slumps Over 7% On Tariffs, OPEC+ Boosting Output
Financial Express Lucknow
|April 04, 2025
OIL PRICES FELL on Thursday as the decision by the OPEC+ group to speed up its unwinding of oil output cuts in May compounded already heavy losses following US President Donald Trump's announcement of sweeping new tariffs.
Brent futures were down $5.33, or 7.11%, at $69.62 a barrel by 15.04 GMT. US West Texas Intermediate crude futures were down $5.59, or 7.80%, at $66.12.
Brent was on course for its worst percentage drop since August 1, 2022, and WTI its worst since July 11, 2022.
"Obviously, there's a lot of fear and moaning this morning," said Phil Flynn, senior analyst with Price Futures Group.
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