Oil Settles Down More Than 2% After US Crude Stocks Build, OPEC+ Hike, US Tariffs
Oil prices have declined for a fourth consecutive session as U.S. crude stockpiles reported a larger-than-expected increase, exacerbating investor concerns regarding OPEC+ output plans and U.S. tariffs on Canada and China. Brent crude futures fell to their lowest level since December 2021, while West Texas Intermediate crude reached its lowest since May 2023, reflecting broader market anxieties about economic growth and energy demand. The situation is compounded by geopolitical tensions and OPEC+'s decision to gradually increase output, raising uncertainty about future price stability.
- The interplay between rising crude inventories and geopolitical tensions underscores the delicate balance oil markets must navigate, highlighting the impact of both domestic policies and international relations on pricing dynamics.
- How might changes in U.S. energy policy influence global oil market stability in the context of escalating trade tensions?