Oil Prices Stabilize on Short-Covering and an OPEC+ Output Decline

Written by Irina Slav on April 22, 2025, at 1:30 AM CDT, the article reports that crude oil prices have steadied after a recent drop, with traders covering short positions and OPEC+ data showing a production decrease of 360,000 barrels daily in March. Brent crude was trading at $66.59 per barrel and West Texas Intermediate at $63.73, both up from the previous day. President Trump’s call for interest rate cuts from the Federal Reserve has led to a selloff in U.S. stocks, debt, and dollars, raising concerns about the economy. Tariff worries persist, with recent data from China showing a decline in imports of U.S. energy products. Despite these challenges, oil market conditions remain relatively tight with refinery margins holding up well, though analysts still predict an oversupply later in the year.