FX.co ★ Oil Slumps on OPEC+ Hike, Trade War Concerns

WTI crude oil futures fell sharply, plummeting by up to 7% to $62.30 per barrel, marking the lowest price since August 2021. This decline follows a 6.6% decrease the previous day, as traders responded to increased OPEC+ production and escalating global trade tensions. OPEC+ has expedited its supply expansion plans, aiming to boost production by 411,000 barrels per day in May, significantly more than the previous target of 135,000 barrels per day. Meanwhile, although recent U.S. tariffs exclude oil, gas, and refined products, ongoing trade tensions, heightened by China's proposed 34% tariff on U.S. goods effective April 10, continue to strain global markets. Oil is on track to record nearly a 10% decline for the week, marking its most significant percentage drop in six months.