📈 Crude Oil Prices Hit Four-Year Low in April 2025

Average monthly crude oil prices dropped to $65.9 per barrel* in April 2025, the lowest since April 2021. Following an 8.1% increase in January 2025, prices declined for three consecutive months, reflecting a 6.8% monthly decrease, an 8.9% year-to-date fall, and a 25.1% year-over-year drop. 

This sharp decline was driven by a combination of geopolitical tensions, oversupply, and weakening global demand. A major factor was the escalating U.S.-China trade dispute, with China imposing a 10% tariff on American crude, dampening demand from the world’s largest oil importer. At the same time, OPEC+ raised production for the first time since 2022, adding to supply pressures. 

Economic data signaled slower growth in both the U.S. and China, with rising U.S. unemployment claims and forecasts that China’s oil imports may soon peak. A strengthening U.S. dollar made oil more expensive globally, while rising U.S. crude inventories indicated excess supply. Together, these forces pushed prices to a four-year low.

* Average of West Texas Intermediate (WTI), Brent, and Dubai oil prices.