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Bloomberg Quint

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Image Credit: Bloomberg Quint

Oil Extends Sharp Drop After Surprise OPEC+ Hike, Trump Tariffs

  • Oil fell further after President Donald Trump’s tariffs and an OPEC+ decision to increase output faster than previously announced triggered the worst rout since 2022.
  • Brent crude fell to around $70 a barrel after plunging 6.4% on Thursday.
  • The two moves sent shockwaves across oil markets, though potentially offer a win for Trump, who has repeatedly bemoaned high crude prices.
  • Crude has been whipsawed by conflicting drivers since Trump came into office.

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