Commodities
Oil Sinks to Four-Year Low on OPEC Supply Boost, Tariff Turmoil
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Oil tumbled to a four-year low, following a surprise output increase by OPEC+ and a rapidly escalating global trade war that’s also rattling commodities markets from metals to gas.
Oil’s rout was triggered Thursday by US President Donald Trump deluge of tariffs, which threaten the global economy and energy consumption. Hours later, OPEC+ tripled a planned output hike for May, in what delegates called a deliberate effort to lower prices to punish members that were pumping above their quota.