Oil prices fell sharply on Thursday after Opec+ announced its plans to accelerate the increase in production from May.
The decision added to the losses caused by the new tariff policy of US President Donald Trump, which raised concerns about global economic growth and fuel demand.
Brent crude decreased $ 4.51, or 6.02 %, to $ 70.44 a barrel, while the West Texas Middle West (WTI) decreased $ 4.63, or 6.46 %, to $ 67.08.
OPEC+ ministers agreed to strengthen oil supplies by 411,000 barrels per day in May, more than three times an increase of 135,000 barrels per day. The move indicated confidence that the market can absorb the additional supply despite the possible economic winds.
The American definitions, which announced on Wednesday, announce the minimum duty of 10 % on most imports, with more severe prices for the selected countries. While oil and gas imports are exempt, policy has sparked fears of global trade disturbances that can weigh energy demand.
Market morale was more pressured by US crude stock data, which showed an unexpected increase of 6.2 million barrels last week, and challenged expectations of a decrease in 2.1 million barrels. Traders are now expecting to increase price fluctuations, as countries respond to tariffs and amend trade policies.
