Oil futures drop to 2021 lows as U.S.-China trade war revives recession fears, with weak Asia demand and OPEC supply growth pressuring crude prices.
OPEC+ plans a 411,000 bpd supply boost in May, deepening crude price declines amid recession fears and bearish natural gas momentum.
Oil tanked for a third straight day after Saudi Aramco lowered Arab Light crude to the biggest buyers in Asia more than expected for May, and the escalating trade war spurred concerns about a global recession and weaker demand. Bloomberg's Anthony di Paola reports.
Crude oil now costs around 15 percent less than it did before the president revealed his plans to impose stiff new tariffs on imports from most countries.
U.S. oil prices dropped below $60 a barrel on Sunday as the global market sell-off on recession fears fueled by President Donald Trump's tariffs escalated.
Oil prices fell more than 3% on Monday, extending losses from the previous week, on growing concerns that a global trade war could slow the global economy and weaken oil demand, following China's retaliation against U.S. President Donald Trump's tariffs.
Saudi Arabia, the world's top oil exporter, on Sunday lowered crude oil prices for Asian buyers in May to their lowest in four months, after a shock decision by the OPEC+ oil group to increase supply on Thursday.
Crude oil outlook turns bearish with rising recession odds, weak demand, and OPEC+ supply hike. Key support levels now in focus for traders.
Oil prices plunged to their lowest level since 2021 this week as investors attempted to gauge the potential economic shocks of the Trump administration's widespread tariffs and global demand for crude.
U.S. oilfield service firms are bracing for a hit as President Donald Trump's tariffs throw supply chains into disarray and tumbling oil prices set the stage for a drop in drilling activity, analysts and financial firms said on Friday.
Saudi Arabia's anger at Kazakhstan and other over producing nations was the key driver behind a shock decision by the OPEC+ oil group to open taps on Thursday and might not be reversed even if oil prices fall further, three OPEC+ sources told Reuters.
Liberty Energy shares tumbled over 30% in just two days, as the oilfield services company founded by President Trump's Energy Secretary Chris Wright comes under heavy selling pressure. The price of benchmark U.S. crude fell to near $60 dollars a barrel on Friday — the lowest level since 2021 and a new 52-week low.