New York: On April 5, the decline in global markets also impacted oil prices, APA-Economics reports. The price of WTI oil for May 2025 delivery decreased by 7.41% (-$4.96), falling to $61.99 per barrel on the NYMEX commodity exchange in New York. Meanwhile, the price of Brent oil for June 2025 delivery on the ICE London Intercontinental Exchange dropped by 6.50% (-$4.56), reaching $65.58 per barrel.
According to Azeri-Press News Agency, analysts believe that this decline is due to Donald Trump’s imposition of new tariffs on China, followed by a 34% reciprocal tariff by China. Additionally, the OPEC+ countries’ decision to increase production starting in May has contributed to the situation. These factors have led to an increase in supply, causing prices to drop.