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Brent futures settled at $70.14 a barrel, down about 6.4%, on tariff worries and OPEC+ agreeing to accelerate output hikes. The group now aims to return 411,000 barrels per day to the market in May instead of 135,000 bpd.
Faster OPEC+ supply additions combined with tariff-driven demand fears add downward pressure on crude, which weighs on energy-linked feed inputs and biofuel margins.
reuters.comErwin SebaApr 3, 2025After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 351 past bearish policy events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Directly describes the April 3 Brent settlement drop of about 6.4% driven by tariff worries and OPEC+ accelerating May output hikes (supply increase plus demand fear).
Brent fell over 6% on April 3 on tariff worries and OPEC+ tripling its May output hike, a combined demand and supply shock that began the 5-day slide.
On Apr 3 Brent fell about 6.4% on tariff demand fears and the OPEC+ decision to accelerate May output hikes, a supply and demand shock that began the 5-day slide.
Oil's steepest fall in 3 years on April 3 combined tariff demand worries with the accelerated OPEC+ supply increase.
