U.S. crude futures have dropped to their lowest levels since May 2023, falling by 4.2% to $65.34 per barrel. The main reason for this decline is the increase in U.S. crude inventories, along with OPEC+'s plans to boost production, raising concerns about an oversupply in the markets.
However, the most prominent factor was the tariffs imposed by Trump, which disrupted global markets and created concerns among investors about the impact of these policies on economic growth.
Amid these fluctuations, attention is focused on OPEC's upcoming decisions and whether the organization will intervene to regulate prices or allow the market to adjust to the new developments.