1521 ET - Crude futures suffer their sharpest one-day decline in almost three years as concerns about loss of demand due to U.S. tariffs are exacerbated by OPEC+ speeding up the return of withheld production. "These withering trade tariff developments arrive at a time when the macroeconomic momentum was already softening," analysts at Citi Research say in a note. "Yet, sanctions on Iranian, Venezuelan, and eventually Russian oil purchases act to tighten supply, thereby offsetting impacts from goods tariffs." Citi keeps its 2Q Brent price forecast at $68 a barrel. Brent settles down 6.4% at $70.14 a barrel, and WTI falls 6.6% to $66.95 a barrel. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 03, 2025 15:21 ET (19:21 GMT)
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