Crude Oil Tumbles To Lowest Levels In Over Four | Commodities
(RTTNews) – Crude oil futures moved sharply decrease during trading on Monday, extending the numerous pullback seen over the course of final Friday’s session.
Crude for June supply tumbled $1.16 or 2 p.c to $57.13 a barrel, ending the day on the lowest closing stage for a front-month contract since February 2021.
The steep drop by the price of crude oil got here after a number of members of OPEC+ agreed to increase oil manufacturing for a second month.
Eight members of the group agreed over the weekend to increase crude oil manufacturing by 411,000 barrels per day starting in June, citing present healthy market fundamentals.
The resolution by Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman got here a month after OPEC+ agreed to increase manufacturing by the identical quantity starting in May.
Renewed trade considerations may additionally have weighed on crude oil costs after President Donald Trump introduced plans to impose a one hundred pc tariff on films produced in overseas nations.
“The Movie Industry in America is DYING a very fast death,” Trump stated in a post on Truth Social. “Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated.”
“This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!” he added. “WE WANT MOVIES MADE IN AMERICA, AGAIN!”
Trump additionally instructed reporters on Sunday that he has no plans to speak to his Chinese counterpart Xi Jinping this week, offsetting latest optimism about a potential U.S.-China trade deal.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
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