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7 April 2025, Monday – Oil prices are falling rapidly: the cost of Brent futures fell to $62.82 per barrel, and WTI fell to $59.28, the lowest since April 2021. This is evidenced by data from the London and New York exchanges.
The new wave of decline was caused by Saudi Arabia ‘s decision to cut prices for all grades of oil for Asian buyers by $2.3 per barrel since May, the deepest decline since October 2022. This was reported by state-owned Saudi Aramco.
The main Arab Light variety supplied to Asia will lose even more in price, approaching 4-month lows. Discounts are also provided for other markets: by $0.2 for the US and by $0.5 for Europe.
In the last week alone, Brent lost 10.9% and WTI lost 10.6%, amid new trade duties imposed by the US and retaliated by China.
Analysts warn that the oil crisis could worsen if the trend continues.
