Oil Plunges Over 4%, Hits Lowest Level Since 2021
Oil prices are tumbling this Wednesday, March 5, hitting their lowest levels in more than three years after OPEC+ reaffirmed its plan to increase production starting in April.
This decision will lead to the gradual rollback of voluntary supply cuts totaling 2.2 million barrels per day in the coming months.
Adding to the pressure, rising trade tensions following the Trump administration’s protectionist measures against Canada, Mexico, and China could slow global economic growth and weaken crude demand.
In this context, WTI crude is sinking 4.2% on the day, falling below $66 per barrel, which could mark its lowest closing price since late 2021. Meanwhile, Brent crude—the benchmark for Argentina—has dropped 3.3% to $68.64 per barrel.
Markets are also closely watching negotiations over a potential peace deal in Ukraine. A favorable resolution could lead to the U.S. lifting sanctions on Russia, increasing oil supply and adding further downward pressure on prices.
Gold Price Performance
Meanwhile, gold is edging higher, with spot prices up 0.1% to $2,918.83 per ounce, following a nearly 1% gain on Tuesday. Prices hit a record high of $2,956.15 on February 24 and have risen 11% so far this year. U.S. gold futures are also up 0.3% to $2,929.70.
Market uncertainty continues to fuel gold’s upward trend. While the metal appears to be consolidating after recent gains, it remains firmly focused on the key $3,000 level.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals