Oil prices hit a yearly low after Bloomberg reported that OPEC+ will restart 138,000 barrels per day of halted production in April, despite previous delays. WTI fell 2% to just above $68, while Brent dropped below $72. The decision, influenced by U.S. pressure to lower prices, could deepen the global crude surplus.OPEC+ defied expectations by restarting output despite surplus fears and weak US-China demand.
Trade war threats worsened market gloom, cutting hedge fund crude positions to a 2010 low.OPEC+’s surprise move hit U.S. energy stocks, with the S&P 500 Energy Index dropping 3.8%. Analysts expect U.S. supply to lag as OPEC regains market share, though the added output could offset potential losses from Iranian sanctions. Crude prices fluctuated amid uncertainty over Trump’s tariff plans on key oil suppliers.
Europe scrambles for a Ukraine plan after Trump-Zelenskiy clash, with Russian oil sanctions uncertain. The U.S. halted new arms sales to Ukraine.Oil Prices:WTI (April): ↓ 2% to $68.37Brent (May): ↓ 1.6% to $71.62
