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Oil prices plunged on Thursday, marking the steepest decline since 2023, as markets reacted to a combination of increased OPEC+ production and new U.S. tariffs that heightened concerns over global economic growth.
Crude oil prices are in a bearish trend, with NYMEX futures trading below $70 per barrel and geopolitical factors potentially pushing prices lower. The U.S. administration's "drill-baby-drill" policy aims to lower oil prices, achieve energy independence, and reduce inflation, benefiting oil service companies. The VanEck Oil Services ETF is positioned to profit from increased U.S. oil production and potential M&A activity in the oilfield service sector.
Oil prices dropped Thursday amid worries about an escalating trade war from Trump's tariffs, as OPEC and its allies sped up plans to increase output and unwind supply cuts.
The commodity is being hit by several other things, including global fallout from the Trump tariffs and increased OPEC production.
The Organization of the Petroleum Exporting Countries (OPEC) recently announced that it wanted to increase its oil supply.
The crude oil markets got crushed after the tariff announcements in the US. The world looks as if it might be heading into a tariff war, and this will drive down demand for oil.
Eight key OPEC+ producers on Thuesday agreed to raise combined crude oil output by 411,000 barrels per day, speeding up the pace of their scheduled hikes and pushing down oil prices. The group was widely expected to implement an increase of just under 140,000 barrels per day next month.
Crude oil tumbles over 3% as Trump's tariffs spark demand fears and inventories rise, pressuring oil outlook and triggering a bearish turn in futures.
A meeting of eight top ministers of OPEC+ will likely keep oil output policy that calls for gradual oil output hikes from April unchanged, two OPEC+ sources said on Thursday.
Oil prices fell after US President Donald Trump rolled out tariffs on major trading partners, including China and the European Union. Oil, natural gas and energy products are among exempted goods, the White House said, sparing the direct impact on fuel markets.