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Oil prices fell sharply as markets weighed a potential demand hit from US reciprocal tariffs alongside a surprise OPEC+ supply increase for May. Brent recorded its largest sell-off since August 2022 and front-month contracts traded below $70 a barrel.
Combined demand uncertainty from tariffs and rising OPEC+ supply points to lower energy prices, weighing on crude-linked costs and reducing biofuel margin support for vegetable oils.
think.ing.comWarren PattersonApr 4, 2025Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Brent had its largest sell-off since 2022 as the tariff demand hit coincided with the surprise OPEC+ supply increase.
Attributes the largest sell-off since 2022 to tariff-driven demand worries plus the OPEC+ supply increase.
Largest selloff since 2022 from tariff demand fears plus surprise OPEC+ supply.
ING analysis attributes the largest sell-off since 2022 to tariff-related demand worries combined with the OPEC+ supply increase, though it is dated a day later it explains the same move.
