Oil Market Reacts to New Tariffs and OPEC Report

In a significant market movement, crude oil prices experienced a sharp decline, dropping by more than 2% on Thursday. This downturn comes in the wake of new tariffs announced by United States President Donald Trump, including a 50% tariff on copper and a similar trade duty on Brazilian exports.

Investor Sentiment and OPEC's Outlook

Investors are also weighing the implications of the latest World Oil Outlook 2050 report from the Organization of Petroleum Exporting Countries (OPEC). While the report anticipates an increase in global oil demand by the year 2050, it has revised downward its demand expectations for the immediate future.

Price Movements

At 9:41 am ET, West Texas Intermediate (WTI) for August deliveries was down by 2.50%, trading at $66.67 per barrel. Similarly, Brent crude for September settlements saw a 2.07% decrease, priced at $68.73 per barrel at the same time.