(04 Apr 2025, 11:53)

Oil slumps to $66 as OPEC+ pumps more; headed for 4% weekly drop

Crude oil prices extended their tumble on Friday, sliding toward $66 per barrel as markets digested OPEC+’s surprise output hike and escalating global trade tensions. The group of eight top producers announced a sharp boost of 411,000 barrels per day next month — a move described as “three months of supply in one.” This unexpected surge, paired with trade war jitters following Trump’s aggressive tariffs, triggered fresh demand concerns. Although energy imports are exempt, broader economic fallout is feared. MCX April crude slipped over 1 percent to ₹5670, and oil is now headed for a weekly drop of nearly 4 percent. Investors are eyeing the upcoming OPEC+ meet for any shift in tone.

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Oil slumps to $66 as OPEC+ pumps more; headed for 4% weekly drop