Reuters: Trump Sends Oil Prices To Lowest Level Since February 2021

• 9.04.2025, 14:57

The OPEC+ decision also played a role.

Oil prices on Wednesday, April 9, fell to their lowest level since February 2021. This drop came amid concerns over rising demand due to the escalation of the U.S.-China trade war and forecasts of increased supply.

Reuters reports that Brent crude futures fell by $1.39, or 2.21%, to $61.43 per barrel, while U.S. West Texas Intermediate crude dropped by $1.50, or 2.52%, to $58.08 per barrel. Both contracts initially lost up to 4% but later trimmed their losses. Investors are increasingly worried about declining crude oil demand and a potential supply surplus.

"Aggressive countermeasures from China reduce the chances of a quick deal between the world's two largest economies, raising growing fears of a global economic downturn. China's oil demand growth of 50,000 to 100,000 barrels per day is at risk if the trade war drags on, although stronger incentives to boost domestic consumption could mitigate losses," said Ye Lin, Vice President for Oil Markets at Rystad Energy.

The oil price decline was further exacerbated by last week's OPEC+ decision to increase production by 411,000 barrels per day in May, which analysts believe could lead to a market surplus.