Crude Oil Prices Extend Losses as Fallout From Trump Tariffs Continues

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Crude Oil Prices Extend Losses as Fallout From Trump Tariffs Continues

, MT Newswires - 5:06 AM ET 4/4/2025 default

05:10 AM EDT, 04/04/2025 (MT Newswires) -- Crude oil prices extended huge losses early on Friday with the benchmark Brent crude dropping below US$70/barrel after U.S. President Donald Trump's new tariff announcements stoked fears of a global trade war.

Brent crude lost 2.4% to US$68.43/b and West Texas Intermediate crude fell 2.6% to US$65.24/b at last look. The news also sent shockwaves through global financial markets, with the U.S. dollar index dropping to US$102.98, its lowest since mid-October, Reuters said in a Friday report.

The Organization of the Petroleum Exporting Countries and allied producers also decided to push through with plans to boost oil output, adding to the bearish sentiment, the report said. The group now aims to return 411,000 barrels per day to the market in May, up from 135,000 b/d as initially planned.

"This brings forward the expected surplus that we see in the oil market this year. More OPEC+ supply should translate to more medium sour crude oil and a wider Brent-Dubai spread," Reuters quoted analysts at ING as saying on Friday.

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