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Pump jacks can be observed in oilfields along Highway 33, also referred to as the Petroleum Highway, located west of Buttonwillow in Kern County, California, as of April 9, 2025.
On Monday, U.S. crude oil experienced a decline of approximately 1% following OPEC’s revised demand growth forecast for the year, influenced by the tariffs implemented by President Donald Trump.
By 12:11 p.m. ET, U.S. crude had decreased by 61 cents, or 0.99%, settling at $60.89 per barrel, while the global benchmark, Brent crude, also saw a decrease of 43 cents, or 0.66%, bringing it down to $64.33 per barrel.
According to OPEC’s latest monthly report, the organization now projects an increase in crude demand of 1.3 million barrels per day for this year and the next, which marks a downward adjustment of about 150,000 barrels per day compared to prior forecasts.
Earlier in the trading session, oil prices had surged nearly 2% in response to Trump’s announcement that key technology products, including smartphones, would be exempt from his tariffs on Chinese goods. The U.S. has imposed substantial tariffs reaching as high as 145% on imports from China while postponing new tariffs on several other nations for a period of 90 days to facilitate negotiations.
Energy Secretary Chris Wright indicated that the U.S. might move to curb Iran’s oil exports if progress is not achieved in discussions regarding the country’s nuclear program. The U.S. and Iranian officials convened in Oman over the weekend, with plans for further meetings on April 19.
Since Trump’s initial announcement regarding extensive tariff measures on April 2, oil prices have plummeted more than 14%, reflecting rising concerns about a potential economic downturn.
In a recent report, Goldman Sachs forecast that West Texas Intermediate and Brent crude prices would average $59 and $63 per barrel, respectively, for the remainder of the year.
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