Brent has slid to $70.00 per barrel

• Brent crude fell 6% to $70 per barrel
• OPEC+ hiked output by 411,000 bpd in May
• Trump’s tariffs sparked global economic fears
• US crude stockpiles rose by 6.2M barrels

Brent crude oil plunged ~6% on Thursday, dropping to $70 per barrel, amid fears of a global economic slowdown and oversupply concerns. Brent’s drop mirrored a broader market selloff, with global stocks tumbling.

The sharp decline followed an unexpected OPEC+ decision to boost production by 411,000 barrels per day in May – 3x times the originally planned increase.

However, the group hinted at flexibility in future adjustments.

Adding to bearish sentiment, US President Trump imposed sweeping tariffs on major trading partners, raising fears of a global trade war that could curb economic growth and reduce the demand for oil.

While oil imports were exempt, investors worried about broader economic impacts.

Meanwhile, US crude inventories unexpectedly surged by 6.2 million barrels last Wednesday (April 2), further pressuring prices.