Brent crude hits 52-week low, trades below $68 on OPEC+ hike, tariff fears

Crude oil prices tumbled on Friday, with Brent crude falling to $67.48 per barrel—its lowest level in a year—before recovering slightly to $67.57 at 02:45 PM IST. WTI crude also slumped to $64.23 per barrel, matching its 52-week low.

The slide in oil prices was triggered by a larger-than-expected supply increase from OPEC+, which announced a 4.11 million barrels per day production hike starting in May.

This was significantly higher than the previously planned increase of 1.38 million barrels per day. Analysts said the move was aimed at curbing overproduction by certain member countries.

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Adding to the bearish sentiment, Donald Trump’s fresh tariff threats rattled financial markets, sparking concerns over global demand. The sell-off hit energy stocks, with Oil India and ONGC sliding over 6% intraday.

OPEC+ left room for adjustments, stating that production hikes could be paused or reversed depending on market conditions. However, with US recession fears mounting and geopolitical uncertainties looming, oil traders remain cautious about the near-term outlook.