Key Takeaways Shares of energy companies, oil drillers, and oilfield services providers all fell early Wednesday.The price of crude oil dropped to its lowest level since 2021 and is down roughly 20% since President Trump announced tariffs last week.

When the economy slows down, the price of oil tends to fall. But this time, OPEC+ is increasing production despite weak demand.

The price of the U.S. crude that gets exported to China is falling more than the rest of the oil market. Chinese buyers are expected to cut imports of this type of oil after Beijing imposed 34% tariffs in response to the U.