Oil prices are approaching a record low since the summer of 2022. This is stated in a Reuters article, according to UNN.
Details
It is noted that Brent futures fell by $4.93, or 6.58%, to $70.02 per barrel. At the same time, West Texas Intermediate crude futures in the US fell by $5.07, or 7.07%, to $66.64.
The authors point out that the fall occurred after the OPEC+ group agreed to an unexpected increase in oil production, which increased already significant losses after US President Donald Trump announced a sharp increase in import duties.
Eight OPEC+ countries have agreed to advance their plan to increase oil production, now seeking to return 411,000 barrels per day to the market in May from 135,000 barrels per day
The authors add that traders and analysts now expect greater price volatility in the near term, given that tariffs may change as countries try to negotiate lower rates or implement countermeasures.
Let us remind you
OPEC+ countries have agreed to a larger-than-expected increase in oil supplies in May. According to Bloomberg, they are thus exacerbating the fall in oil prices caused by tariffs imposed by US President Donald Trump.