Oil slips below 62.000

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Source: Dukascopy Bank SA
Oil prices have dropped significantly due to a combination of geopolitical tensions and market dynamics. Price drop of nearly 15% decline since the beginning of April has been driven by concerns over new U.S. tariffs that could dampen global demand and potentially trigger a recession. President Trump's announcement of tariffs, starting at 10% and escalating to 50%, has raised concerns about their impact on the global economy and oil consumption.



OPEC+ has also surprised markets by agreeing to boost output by 411,000 barrels per day starting in May, significantly higher than the expected 135,000. This decision has contributed to fears of an oversupplied market, further putting pressure on oil prices.
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