09:45 - 4.04.2025

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April 4, Fineko/abc.az. Prices for oil of benchmark grades prices are declining in Friday’s trading after a drop the day before amid U.S. President Donald Trump's decisions on duties and OPEC+ statements.

The price of Brent crude oil futures for June on the ICE Futures exchange dropped by $0.71 (1.01%) to $69.43 per barrel by 09:36. Following the trading on April 3, June’s Brent crude futures fell by $4.81 (6.42%) to $70.14 per barrel.

The price of May’s WTI crude oil futures on the NYMEX commodity exchange fell by $0.72 (1.08%) to $66.23 per barrel by 09:36. Following the trading on April 3, WTI crude futures for May fell in price by $4.76 (6.64%) to $66.95 per barrel.

Donald Trump announced the introduction of large duties on US trading partners, which provoked increased investor concerns about the prospects for the global economy. The minimum level of duties has been set by Trump at 10%, it will become effective on April 5, and higher duties on April 9.

TD Securities analysts note that the U.S. trade measures and other countries' responses to them suggest that global oil demand will be lower than previously expected.

As stated in the OPEC press release, on April 3, 8 OPEC+ member countries decided to accelerate the lifting of previously adopted restrictions on oil production in the amount of 2.2 million b/d and increase production by 411,000 b/d from May, which is equivalent to three monthly allowances.