The price of WTI crude oil is settling at $61.99 down $4.96 or 7.40%.

The price of crude oil was it this week on the back of the tariff news and expectations of slower global growth, and ​the OPEC+ alliance, led by Saudi Arabia and Russia, that announced a larger-than-expected increase in oil production. Starting in May 2025, the group will boost output by 411,000 barrels per day (bpd), effectively implementing three months’ worth of planned increases in a single month.

For the trading week, the price of crude oil fell -2.19%. That is its worst week cents a 12.72% decline during the week of March 13, 2023.