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Oil prices fall more than 6% at settlement after tariffs
Oil prices fell during trading on Thursday, April 3, at the settlement, after OPEC+ announced an acceleration of its plan to increase crude production in May, exacerbating already steep losses following US President Donald Trump's announcement of comprehensive tariffs on Wednesday.
Brent crude futures fell $4.81, or 6.42%, to settle at $70.14 a barrel.
WTI crude futures also fell $4.76, or 6.64%, to settle at $66.95 a barrel, according to Reuters.
Brent crude oil recorded its worst decline since August 1, 2022, while US crude oil recorded its worst decline since July 11, 2022.
Countervailing Tariffs
This comes after the White House announced on Wednesday that it would impose a 10% base rate of countervailing tariffs on all countries, effective April 5. Higher tariffs will be imposed on countries that impose higher tariffs on the United States in the coming days, according to the administration.
"We're going to charge them about half of what they charge us," Trump said at a press conference in the White House Rose Garden. "So it's not going to be completely reciprocal."
He added that this lower figure includes "the total rate of all their tariffs, non-monetary barriers, and other forms of fraud."
