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Oil prices crumble as Saudi Arabia throws in the towel on restricting supply (www.middleeasteye.net)

submitted 4 days ago by geneva_convenience@lemmy.ml to c/worldnews@lemmy.ml

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Oil prices continued their free fall on Friday as the market absorbed a double whammy of shocks after US President Donald Trump announced sweeping global tariffs and the Opec+ alliance decided to massively increase crude production.

The price of Brent, the international benchmark, has dropped more than 11 percent in two days, plunging from $74 per barrel at the beginning of this week to about $66 per barrel. The drop has put crude prices at their lowest levels since 2021.

The sell-off shows how Trump’s trade war is already unleashing secondary effects on the Middle East.

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[–] CanadaPlus@lemmy.sdf.org 21 points 4 days ago (1 children)

Wow, OPEC might actually be falling apart, going by that.

[–] geneva_convenience@lemmy.ml 15 points 4 days ago

Maybe they are trying to save Trump and salvage the world economy line from going through the floor. Because another 2008 would be very bad for Gulf business.