Brent crude oil futures dropped by over 5.5% to $66 per barrel, the lowest since August 2021, following a 6.4% decline in the previous day, as traders reacted to a surge in OPEC+ output and rising global trade tensions.
OPEC+ has accelerated plans to increase supply, aiming to add 411,000 barrels per day in May compared to the earlier target of 135,000 bpd.
Meanwhile, despite exemptions from recent U.S. tariffs for oil, gas, and refined products, ongoing trade disputes—exacerbated by China’s planned 34% tariff on U.S. goods starting April 10—are adding pressure on global markets.
Oil is on track for nearly a 10% decline for the week, marking its largest percentage drop in six months.