The drop has come despite a small output cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, Russia’s threat to cut oil flows to any country that backs a price cap on its crude, and a weaker outlook for U.S. oil production growth.
Tariff shock turns FIIs to sellers in April. Analysts flag global risk but back India’s fundamentals
Foreign institutional investors reversed course in early April, spurred by rising global trade tensions following US President Trump’s announcement of steep tariffs. This led to