WTI Crude oil futures slumped as a slide under $70 per barrel mark opened the floodgates and triggered a heavy correction in the commodity. The US President Donald Trump's sweeping tariffs fueled fears of weaker global demand. Despite exemptions for energy imports, the 10% baseline tariff and steep levies on China (34%) and the EU (20%) raised market concerns. Countermeasures from China worsened the overall sentiments. Meanwhile, Russia tightened export restrictions, further complicating supply dynamics for oil. A jump in the US crude oil storage also weighed on the sentiments. EIA data showed that Crude oil inventories in the US saw a large increase of 6.2 million barrels during the week ending March 28. Commercial US crude inventories surged to the highest since July 2024 with this spike. WTI Crude oil lost 7% on April 4 following a 6.60% tumble in the previous session. The counter has wilted near a four year low following this crash.

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