Global Oil Prices Fall on Friday Amid US Tariffs and OPEC+ Output Hike

PUKMEDIA

Oil prices.

On Friday, 4 April 2025, global oil prices continued to fall following the announcement of new US tariffs and an unexpected decision by OPEC+ to increase oil production.

Brent crude futures declined by $1.28, or roughly 1.8%, to $68.86 per barrel, while US West Texas Intermediate (WTI) crude dropped by $1.29, settling at $65.66 per barrel.

The decrease in prices is largely attributed to concerns that the newly introduced tariffs could dampen global demand for crude oil. In addition, OPEC+ members unexpectedly brought forward their plan to phase out production cuts by increasing output in May, exerting further downward pressure on prices.

Traders are closely observing trade policies and geopolitical developments for further indications of market direction.




PUKMEDIA