Oil Prices Continue to Decline Amid OPEC+ Plans to Increase Production and Other Concerns
Oil prices fell for the third consecutive session, influenced by market concerns over the plans of major producers to increase production in April, along with fears of the impact of tariffs imposed by U.S. President Donald Trump on the global economy.
The April futures for U.S. crude “West Texas Intermediate” dropped to $67.67 per barrel, a decrease of 0.86% from the previous closing price. Likewise, “Brent” crude futures fell to $70.79 per barrel, down by 0.35%.
This week, OPEC+ countries announced their plans to increase production by 138,000 barrels per day starting on April 1, 2025, marking the first increase since 2022. At the same time, experts warned that the potential trade dispute could slow economic growth and affect global demand for oil.
