This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery tumbled $4.76 to $66.95 on the New York Merc, while Brent for June lost $4.81 to $70.14, both benchmarks notching their largest single-day percentage decline since 2022 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.00 to WTI, up from a discount of $12.90. Natural gas for May added eight cents to $4.13. The TSX energy index plummeted 19.71 points to close at 258.90.

Oil prices slumped with broader markets, walloped by the larger-than-expected global tariff package unveiled yesterday by U.S. President Donald Trump, who announced baseline 10-per-cent tariffs on imports and drastic "reciprocal" tariffs on China, Japan, the European Union and more. Reports of worldwide recession fears added to the gloom. On top of that, OPEC+ unexpectedly announced today that it is accelerating its plan to unwind production cuts, and will boost production by a total of 411,000 barrels a day next month (instead of 135,000 as previously agreed).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS