Futures markets around the globe were under pressure again on Sunday as futures opened, continuing the trend seen since last Wednesday afternoon.
WTI Crude oil broke to a new 4-year low below $60/bbl, sitting at $59.75/bbl at 5:35pm MST Sunday night before recovering back above $60/bbl.
Adding to the tariff headlines last week was a surprise supply increase by OPEC+. A Reuters article even went as far as to suggest that the Saudis were looking to punish those overproducers within OPEC+ by opening the taps.
While market volatility is likely to continue in the near term, the market may be on the lookout for a turnaround this week, with some hopeful that cooler heads will prevail. Noted hedge fund CEO Bill Ackman (CEO Pershing Square) believes that the sharp selloff may lead to an opportunity for the President to walk back the immediacy of these new tariffs.
The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust.
President @realDonaldTrump has elevated the tariff issue to the most important geopolitical…
— Bill Ackman (@BillAckman) April 6, 2025