Oil prices fell on Thursday as the decision by the OPEC+ group to speed up unwinding of oil output cuts in May compounded already heavy losses following U.S. President Donald Trump's announcement of sweeping new import tariffs.

U.S. crude oil production fell by 305,000 barrels per day to 13.15 million bpd in January, the lowest level since February 2024, data from the U.S. Energy Information Administration showed on Monday.

U.S. January oil production decreased by 305 kb/d to 13,146 kb/d, 158 kb/d lower than December 2023. Click to read.

Crude oil inventories in the United States saw a large increase of 6.2 million barrels during the week ending March 28

Crude oil prices fell below $70 per barrel over US President Donald Trump's new tariffs, raising concerns over a global trade war that could weigh on oil demand

WTI crude oil has hit the resistance at $72.50, while natural gas remains bullish within its upward price structure.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 6.037 million barrels for the week ending March 28

The Dallas Fed's latest energy survey revealed deep skepticism among executives toward President Donald Trump's tariffs and oil-production agenda. In anonymous comments, respondents decried the uncertainty and higher costs of tariffs while predicting that trying to lower crude prices to $50 a barrel would reduce production instead of expand it.

Oil prices slumped after the latest reciprocal tariffs. The announcement pushed gold prices to fresh record highs. However, the tariff announcement did provide some relief to metal markets.

U.S. crude oil production fell by 305,000-barrels-per-day (bpd) to 13.15 million bpd in January, the lowest since February 2024, data from the U.S. Energy Information Administration showed on Monday.That was the biggest decline in monthly U.