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Crude oil loses most since July 2022 as tariffs, OPEC output hike make ‘perfect bearish cocktail’

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Apr. 03, 2025 7:47 PM ETUnited States Oil Fund, LP ETF (USO), XLEKMI, OKE, PTEN, UCO, VLO, APA, COP, OXY, XOM, HAL, HES, WMB, DVN, OVV, RIG, CVX, HP, SLB, NBR, NE, EOG, EPD, XOP, DBO, TPL, USL, SCO, BNO, MPC, PSX, FANG, GUSH, DRIP, LBRT, USOI, ET, CO1:COM, CL1:COM, VALBy: Carl Surran, SA News Editor
Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.

SlavkoSereda/iStock via Getty Images

Crude oil futures plunged by the most in nearly three years on Thursday, as concerns about weaker demand due to U.S. tariffs were exacerbated by the surprise move from OPEC+ to accelerate the return of withheld production, sending shockwaves across oil markets.

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