Crude oil prices dipped slightly today, April 24, 2025. According to Oilprice.com:
- Brent Crude stands at $66.15, up 0.05%
- WTI Crude is at $62.28, up 0.02%
- Murban Crude is trading at $67.30, up 0.27%
- Natural Gas fell to $2.999, down 0.76%
Big drop on April 23
On Wednesday, Brent crude fell nearly 3% to $65.60, while WTI crude dropped to $68.37, reaching a four-year low. This came after reports that the White House might reduce tariffs on Chinese imports.
Tariff talk shakes market
The U.S. is reportedly considering slashing tariffs on Chinese goods from 145% to between 50% and 65%. While no decision has been confirmed, this move could affect global trade and energy demand.
Why the market reacted
Despite hopes that lower tariffs may boost economic growth and energy use, traders worry about over-supply and slow progress in trade talks. Oil demand remains uncertain, especially since the U.S. and China together consume around 40% of the world’s oil.
OPEC+ and future output
Eight OPEC+ countries began easing production cuts on April 1. There’s also speculation that OPEC+ may raise output again in June, putting more pressure on prices.
What to watch
The market will closely follow U.S.-China trade developments and OPEC+ decisions. These two factors could determine whether prices recover or drop further in the weeks ahead.