Oil Crashes Below $57 as Trade Wars, OPEC+ Flood Markets

Oil Crashes Below $57 as Trade Wars, OPEC+ Flood Markets

WTI crude plummeted to $56.90, its lowest since 2021, after U.S.-China tariff hikes and OPEC+ boosting output to 411,000 bpd. Brent followed, dropping to $60.50 amid recession fears.

Nigeria’s $75/barrel budget now faces a $10 deficit, threatening economic stability as global demand weakens.
Goldman Sachs cut 2025 forecasts to $58 for WTI, warning China’s oil growth may drop 100,000 bpd.

With Brent’s futures spread collapsing to $0.79, analysts urge OPEC+ action to stem the rout. Drivers gain relief at the pump, but producers brace for prolonged pain.