RE: WTI Crude4 Apr 2025 17:17
You're right Adon30, it's down to a bit of both -
'Crude oil prices plummeted to near multi-year lows following President Trump’s reciprocal tariff announcement, with a larger-than-expected production increase by OPEC and its allies adding further pressure to the sell-off.'
'Eight key members of the OPEC group, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase their joint oil output by 411,000 barrels per day in May, speeding up their unwinding of the production cuts. “This comprises the increment originally planned for May in addition to two monthly increments,” stated OPEC’s official website.'