Crude Oil ($CRUDE) Commodity Forecast: Down 7.2% Today

What is Crude Oil?

Crude Oil is a vital commodity in the global market, with its prices significantly impacting various industries and economies worldwide. Today, the market experienced a strong bearish movement.

Why is Crude Oil going down?

CRUDE commodity is down 7.2% on Apr 3, 2025 14:48

• Oil prices dropped by over 6% due to OPEC+ countries increasing oil production by a significant margin, causing oversupply concerns and driving prices down.
• President Trump's new tariffs raised fears of a global trade war, which could dampen economic growth and reduce fuel demand, further pushing oil prices lower.
• A surge in US crude inventories, fueled by increased Canadian imports, contributed to the bearish sentiment and heightened concerns about oversupply.
• Escalating trade disputes, geopolitical tensions, and supply uncertainties continue to make the oil market volatile, prompting caution among investors who are awaiting insights from the upcoming OPEC+ meeting.

CRUDE Price Chart

CRUDE Technical Analysis

CRUDE News

Oil Plunges by Over 6% after OPEC Output Hike Announcement

Oil prices dropped over 6% on Thursday, with WTI crude falling to $67 per barrel, after eight OPEC+ countries unexpectedly announced they would increase oil production by 411,000 barrels per day in May, far more than the planned 135,000 bpd. OPEC cited strong market fundamentals but said future increases could be paused if needed. Oil was already down over 4% after U.S. President Trump announced new tariffs, sparking fears of a global trade war that could slow economic growth and reduce fuel demand. While oil imports were exempt, investors worried the tariffs could still hurt the economy and inflation. Also, US crude inventories unexpectedly rose by 6.2 million barrels last week, contrary to forecasts of a 2-million-barrel draw, driven by a surge in Canadian imports.

Oil Sinks Almost 3%

WTI crude oil futures sank nearly 3% to around $69 per barrel on Thursday as markets turned risk-averse following higher-than-expected US tariffs. Although oil, gas, and refined product imports were exempt, President Donald Trump’s sweeping tariffs on several countries, including a 10% baseline, 34% on China, and 20% on the EU, raised concerns about escalating trade disputes, which could dampen global energy demand. Adding to the bearish sentiment, US crude inventories unexpectedly rose by 6.2 million barrels last week, contrary to forecasts of a 2-million-barrel draw, driven by a surge in Canadian imports. Meanwhile, Russia imposed tighter export restrictions, suspending loadings from key ports. Investors are now looking to the OPEC+ meeting later this week for further insights into the global supply outlook.

Oil Prices Tick Higher Amid Trade Uncertainty and Supply Concerns

WTI crude oil futures gained 0.7% to settle at $71.7 per barrel on Wednesday as traders braced for the U.S. tariff announcement, expected to increase market uncertainty and potentially dampen crude demand. Investors largely dismissed a bearish U.S. crude inventory report showing a 6.2 million-barrel build, attributing the increase to a surge in Canadian imports ahead of potential tariffs. Meanwhile, President Trump’s tariff plans, including potential levies on crude imports, could drive up refined product prices and disrupt global trade flows. Additionally, Russia tightened export restrictions, suspending loadings from key ports, further complicating the global supply outlook. With geopolitical tensions and trade policy uncertainty looming, the oil market remains volatile, with risks skewed to the downside.

Oil Fluctuates as Fresh US Tariffs Loom

WTI crude oil futures fluctuated around $71 per barrel on Wednesday as markets braced for US reciprocal tariffs that could escalate the global trade war. The White House did not disclose details on the size or scope of the tariffs but stated they would take effect immediately after being unveiled on Wednesday. President Trump also suggested the levies would impact many countries, raising concerns about a potential economic fallout that could reduce energy demand. Meanwhile, oil recently found support from Trump's recent threat of secondary duties on Russian oil and increased sanctions on Iran as part of his maximum pressure campaign to curb exports. Elsewhere, EIA data showed crude oil rose by 6.165 million barrels, while gasoline fell by 1.551 million barrels. Investors are also awaiting the OPEC+ meeting later this week.

Oil Steady as Fresh US Tariffs Loom

WTI crude oil futures hovered around $71 per barrel on Wednesday as markets braced for US reciprocal tariffs that could escalate the global trade war. The White House did not disclose details on the size or scope of the tariffs but stated they would take effect immediately after being unveiled on Wednesday. President Trump also suggested the levies would impact many countries, raising concerns about a potential economic fallout that could reduce energy demand. Meanwhile, oil continued to find support from Trump's recent threat of secondary duties on Russian oil and increased sanctions on Iran as part of his maximum pressure campaign to curb exports. Elsewhere, API data showed crude oil rose by 6 million barrels, while gasoline fell by 1.6 million barrels. Investors are also awaiting the OPEC+ meeting later this week.

Trending Today

NEO ($NEO) Crypto Forecast: Up 5.6% Today

Solana ($SOL) Crypto Forecast: Down 7.8% Today

EOS ($EOS) Crypto Forecast: Up 6.4% Today

Wormhole ($W) Crypto Forecast: Up 13.1% Today

Toncoin ($TON) Crypto Forecast: Down 10.3% Today

Copper ($COPPER) Commodity Forecast: Down 5.8% Today

Pepe ($PEPE) Crypto Forecast: Down 17.8% Today

Shiba Inu ($SHIB) Crypto Forecast: Down 5.9% Today

XRP ($XRP) Crypto Forecast: Down 7.1% Today

Bitcoin ($BTC) Crypto Forecast: Down 5.4% Today

Crude Oil Price History

01.09.2024 - CRUDE Commodity was up 2.0%

• Today's uptick in Crude Oil prices can be attributed to several factors:
• Escalating tensions in the Middle East, notably between Israel and Hezbollah, have raised concerns about potential disruptions to oil exports from the region, leading to a risk premium on oil prices.
• Expectations of increased supply, including Libya's plans to resume oil production after a halt and OPEC's impending production hike, have limited the extent of price gains.
• Lingering concerns over weak demand from China, as seen through ongoing economic struggles and contraction in manufacturing and services sectors, continue to exert downward pressure on prices.
• The impact of Hurricane Helene forcing Gulf of Mexico producers to cut output has also contributed to the positive sentiment, highlighting supply disruptions as a supporting factor in the price surge.

26.08.2024 - CRUDE Commodity was down 5.2%

• Concerns about demand, particularly from China, were a key factor contributing to the bearish movement in Crude Oil prices.
• The easing of supply worries from Libya, due to an agreement on appointing a central bank governor, also played a role in the downward pressure on oil prices.
• Despite an unexpected drawdown in US crude inventories, which exceeded market expectations, the overall sentiment remained bearish.
• Geopolitical tensions in the Middle East, including escalating violence and the potential for broader conflicts, further added to market uncertainty and weighed on oil prices.

03.03.2025 - CRUDE Commodity was down 5.1%

• The decrease in Crude Oil prices can be linked to the growing trade tensions following an announcement of increased tariffs by President Trump. This has sparked worries about the demand for global energy.
• A notable unexpected increase in US crude inventories, mainly due to a rise in Canadian imports, signaled a possibility of oversupply in the market, further contributing to the bearish trend.
• Russia's action of imposing stricter export restrictions by halting loadings at key ports has added complexity to the global supply projections, pushing oil prices down.
• Investors are paying close attention to the upcoming OPEC+ meeting for clarity on global supply forecasts, as the market remains volatile due to uncertainties in trade and supply.

03.03.2025 - CRUDE Commodity was down 7.2%

• Oil prices dropped by over 6% due to OPEC+ countries increasing oil production by a significant margin, causing oversupply concerns and driving prices down.
• President Trump's new tariffs raised fears of a global trade war, which could dampen economic growth and reduce fuel demand, further pushing oil prices lower.
• A surge in US crude inventories, fueled by increased Canadian imports, contributed to the bearish sentiment and heightened concerns about oversupply.
• Escalating trade disputes, geopolitical tensions, and supply uncertainties continue to make the oil market volatile, prompting caution among investors who are awaiting insights from the upcoming OPEC+ meeting.

26.08.2024 - CRUDE Commodity was down 5.0%

• The decline in Crude Oil prices today is linked to Saudi Arabia adjusting its crude oil price target, hinting at increased production and possible oversupply concerns.
• Improved supply conditions from Libya following the appointment of a central bank governor have reduced worries about output decreases, contributing to the downward pressure on oil prices.
• Lingering demand uncertainties, notably in China despite recent monetary support actions, have also suppressed prices, indicating a potential imbalance between supply and demand in the oil market.
• The risk of supply interruptions in the Middle East due to escalating violence in the region has mildly bolstered oil prices, but an overall bearish sentiment prevails due to the interplay of these factors.

02.09.2024 - CRUDE Commodity was up 5.7%

• The surge in oil prices was triggered by Iran's missile attacks on Israel, raising fears of a broader regional conflict and potential disruptions in oil exports from the Middle East.
• Market reacted positively to the heightened geopolitical risks, as investors sought safe-haven assets like oil amid uncertainties in the region.
• The ongoing conflict between Israel and Hezbollah, coupled with the anticipation of Iran's involvement, contributed to the bullish sentiment in the oil market.
• Despite concerns over oversupply and weak demand from China, the Middle East tensions took precedence, driving oil prices higher as traders monitored the situation closely for further developments.

08.09.2024 - CRUDE Commodity was down 5.4%

• The recent bearish movement in Crude Oil prices can be attributed to:
• President Joe Biden's discouragement of strikes on Iran's oil infrastructure, which tempered fears of supply disruptions.
• Lack of new stimulus measures from China, a major crude importer, impacting demand.
• Analysts noting that oil prices cannot sustain rises based solely on speculation without actual supply disruptions.

03.09.2024 - CRUDE Commodity was up 5.0%

• The surge in Crude Oil prices was primarily driven by concerns over potential supply disruptions in the Middle East due to the escalating conflict between Iran and Israel.
• President Biden's cautious stance on the possibility of an Israeli attack on Iran's oil facilities added to the risk premium in oil futures, further boosting prices.
• Despite a temporary halt in the rally after EIA data showed an increase in US crude stockpiles and a decline in gasoline demand, the overall market sentiment remained bullish due to ongoing geopolitical tensions in the region.
• The market will continue to closely monitor the situation in the Middle East for any further developments that could impact global oil supply and prices.

04.01.2025 - CRUDE Commodity was down 5.1%

• Crude oil experienced a bearish movement as WTI futures fell below $72 per barrel.
• The market movement can be attributed to China's announcement of retaliatory tariffs on U.S. products, including a 10% tariff on crude oil imports.
• The ongoing trade tensions between the U.S. and major trading partners, coupled with concerns over global economic growth, have added uncertainty to the energy market, leading to the decline in oil prices.
• Despite efforts by OPEC+ to uphold existing production plans, the impact of trade disputes and geopolitical tensions on oil prices remains a key concern for investors and traders.

15.09.2024 - CRUDE Commodity was down 5.0%

• The bearish movement in Crude Oil prices today can be attributed to suggestions that Israel may spare Iran's oil sites, alleviating fears of a major supply disruption in the region.
• Additionally, concerns over weak global demand, particularly from major markets like China, and projections of a surplus in early 2025 due to supply growth have further weighed down on oil prices.
• The market sentiment was impacted by the cutting of demand growth forecasts by the IEA, citing spare capacity in OPEC+ and slowing demand trends in key markets.
• Overall, the combination of geopolitical developments, demand concerns, and supply projections has led to the significant bearish movement in the Crude Oil market today.

15.09.2024 - CRUDE Commodity was down 5.3%

• The bearish movement in Crude Oil today can be attributed to concerns over China's economic outlook, as deflationary pressures intensified and uncertainties loom over the stimulus package aimed at reviving the economy.
• The projected surplus expected in early 2025, driven by weak global demand and strong supply growth, added further pressure on oil prices.
• The lack of new stimulus measures from China, combined with the absence of actual supply disruptions despite geopolitical tensions, contributed to the pause in the recent rally and the subsequent 4% drop in oil prices.
• Overall, the bearish movement in Crude Oil today reflects a delicate balance between demand concerns, supply risks, and geopolitical uncertainties, highlighting the volatility of the commodity market.

10.00.2025 - CRUDE Commodity was up 5.4%

• Factors driving this surge in oil prices include a decrease in US crude stockpiles, global oil market tightening, and concerns over future US policies under President-elect Donald Trump, including potential sanctions on Iran and trade conflicts.
• Additionally, the cold weather in the US has led to a reduction in inventory levels at Cushing, Oklahoma, to their lowest point since 2014. Decreased supply from major oil exporters like Russia and Iran is also influencing the current positive market momentum.
• Other contributing elements to the bullish market include an increase in demand for heating fuels, anticipated growth in demand from China, and colder weather in Europe and the US, all of which are bolstering oil prices.
• Nevertheless, uncertainties persist surrounding the likelihood of a supply surplus, the potential resurgence of OPEC+ production, and weaker demand from China, all of which could impact the oil market's trajectory for the year.