Crude oil prices fell by more than 2% on Monday after the Organization of Petroleum Exporting Countries (OPEC) and its partners confirmed it will proceed with “a gradual and flexible return of the 2.2 mbd voluntary adjustments” on April 1. Investors were also digesting how the incoming United States tariffs will affect the global economy and the oil demand. The organization argued that this decision was taken due to the healthy market fundamentals and optimistic market outlook. However, the OPEC+ countries noted that this gradual supply increase can be halted or reversed if market conditions change. It also reaffirmed that the compensation period for overproducing countries expires at the end of June 2026.
West Texas Intermediate (WTI) for settlements in April tumbled by 2.30% at 2:28 am ET, selling for $68.44 per barrel. Brent for the same month’s deliveries dropped by 2.04% to sell for $71.57 per barrel at 2:29 am ET.