Crude oil prices declined after US President Donald Trump announced a mutual tariff on 60 countries, which led to a decline in demand for crude oil due to global uncertainty, while the Petroleum exporting countries’ organization (OPEC) announced a big increase in production compared to the earlier announcement.
Brent crude futures of oil prices fell $ 2.29 or 3.3 percent to $ 67.85 per barrel today. West Texas Intermediate (WTI) futures also fell $ 2.32 or 3.5 percent to $ 64.63 per barrel.
Along with this, both these crude futures have recorded the biggest decline of the last six months on weekly basis. According to experts, the fall in crude oil prices was seen in the post -Corona epidemic situation earlier. Meanwhile, OPEC had announced an increase of 1,35,000 barrels per day in oil production from May earlier in March, but now the organization has announced to increase production at 4,11,00 barrels per day instead. The announcement of an increase in production in the midst of a decrease in demand for crude oil led to a decline in crude oil prices.
The US has exempted oil and gas imports from mutual duty, but experts say that the fall in crude oil prices is due to the possibility that this increase will increase inflation, reduce economic growth and increase trade disputes.
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