Oil prices declined after OPEC Plus announced plans to increase production, despite fears of reduced demand due to President Trump's trade war. The U.S. benchmark price dropped to about $56 a barrel, creating profitability challenges for U.S. drilling companies. The situation marks a significant downturn from earlier highs, exacerbated by economic uncertainties related to higher tariffs. Market volatility is evident, with major U.S. oil companies, such as Exxon Mobil and Chevron, reporting some of their lowest earnings in recent years, highlighting the negative impact on the industry.
The U.S. benchmark oil price fell to around $56 a barrel after OPEC Plus announced plans to increase production, despite concerns over demand from Trump's trade war.
Darren Woods, Exxon's CEO, expressed that the uncertainty from rising tariffs is impacting economic forecasts, leading to volatility and concerns about slower growth.
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