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Crude Oil Prices Drop To $65 — Lowest Level Since 2021
Crude oil prices experienced a sharp decline this week, dropping to $65 per barrel — a level not seen since 2021. This downturn follows a combination of geopolitical and market factors, including new U.S. import tariffs and an unexpected supply increase from the OPEC+ alliance.....KINDLY READ THE FULL STORY HERE▶
Last week, prices had seen a brief uptick after U.S. President Donald Trump imposed tariffs on countries importing oil from Venezuela. However, that gain was short-lived. By Friday, Brent crude fell below $65 per barrel, a price point last recorded in August 2021.
As reported by Oilprice.com, the slump was triggered by a triple impact: the U.S. tariffs, OPEC+ accelerating the rollback of production cuts, and China’s retaliatory trade measures. The global benchmark for oil dropped by $10 per barrel due to these developments.
U.S. West Texas Intermediate (WTI) crude also took a hit, closing at $61.99 — down by $4.96 or 7.4%.
“With market backwardation showing little change from earlier in the week, it’s likely the U.S. tariffs were the primary driver of this price decline,” Oilprice.com noted. “Nonetheless, this week marks a significant downturn in global oil market history.”
In a further escalation of trade tensions, China — the world’s largest oil importer — announced plans to impose a 34% tariff on all U.S. goods starting April 10. This move has intensified fears of a global economic slowdown, pushing investors to brace for a potential recession.
In addition to the trade friction, OPEC+ contributed to market pressure by announcing it would accelerate its production increase. The group now plans to add 411,000 barrels per day to the market in May — a significant jump from the previously scheduled 135,000 bpd.
These combined actions have triggered volatility in the energy markets, with industry analysts closely watching how global supply-demand dynamics and geopolitical tensions will evolve in the coming weeks.
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HEARTBREAKING REVELATION: Actor Jimmy Rolland Confesses, “I Was Warned Not To Marry Her, And My Wedding Night Turned Out To Be A Lie!”.
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Failed Marriage Revelations: Nollywood actor Jimmy Rolland discussed the breakdown of his marriage on the African A-List podcast, revealing that his ex-wife deceived him about her past before they wed.....KINDLY READ THE FULL STORY HERE▶
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Ignored Warnings: Despite receiving spiritual warnings from his mother and friends advising him against the union, Rolland proceeded because he trusted her honesty.
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The Four-Year Courtship: The couple dated for four years, during which time his ex-wife claimed to be a virgin and insisted they abstain from intimacy until their wedding night.
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Wedding Night Disillusionment: Rolland discovered the virginity claim was false on their wedding night; though he considered walking away, he chose to stay at the time.
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Personal and Health Toll: Following their separation, the most painful aspect for Rolland has been losing access to their two children, a heartbreak that caused him to suffer a stroke from excessive stress.
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NO HOPE FOR ATIKU: Babachir Lawal Exposes Why The Obi-Kwankwaso Coalition Controls 70% Of 2027.
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2027 Election Outlook: Former Secretary to the Government of the Federation (SGF) Babachir Lawal stated during a Symfoni TV interview that Atiku Abubakar is certain to lose the 2027 general elections, adding that he personally hopes for that outcome.....KINDLY READ THE FULL STORY HERE▶
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Contender Projections: On his evaluation scale, Lawal rates the joint ticket of Peter Obi and Rabi’u Kwankwaso at a 70% probability of winning, whereas he gives President Bola Tinubu a 50% chance.
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SGF Office Controversy: Addressing leaked documents that tied the SGF’s office to the disputed Presidential Foreign Intervention Promotion Council (PFIPC)—specifically regarding an August 2025 approval for Adeniyi Adeyemi to attend the Canada-Africa Fintech Summit—Lawal criticized the administrative oversight on Arise News.
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Call for Due Diligence: Lawal argued that official correspondence for unverified or legally non-existent agencies should never have been processed, emphasizing that proper institutional checks by the SGF’s office would have caught the discrepancy.
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Criticism of Political Ambition: Former Secretary to the Government of the Federation, Babachir Lawal, stated during an interview with Symfoni TV that former Minister of Transportation Rotimi Amaechi’s political ambitions are fueled by “personal excessive ambition”.....KINDLY READ THE FULL STORY HERE▶
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Comparison to Wike and the Devil: Lawal claimed that Amaechi desired to “pair with the devil” and described him as “just another version of the Minister of the Federal Capital Territory (FCT), Nyesom Wike,” calling him “almost polished, but better than Wike”.
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Personal vs. Leadership Assessment: While Lawal holds a positive personal opinion of the ADC vice-presidential candidate as a human being, he expressed uncertainty about Amaechi’s leadership qualities, describing him as “brash”.
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