“Oil to see 3% weekly drop on supply pressure, tariff uncertaintyOil prices fell more than 3% on concerns of oversupply from OPEC+ and uncertainty over U.S.-China trade talks. A strong U.S.
dollar also weighed on prices.”, — write: unn.ua
DetailsBrent crude futures fell 82 cents to $65.73 a barrel at 12:15 GMT (15:15 Kyiv time), down 3.3% for the week.
WTI crude fell 81 cents to $61.98 a barrel, down 4.2% for the week.
“… Prices are falling as concerns persist about oversupply from OPEC+, while demand prospects remain uncertain amid persistent trade tensions. A stronger US dollar also put pressure on crude oil prices,” said LSEG senior analyst Anh Pham.
Oil lost previous gains after a Chinese Foreign Ministry spokesman said that China and the United States are not conducting any consultations or negotiations on tariffs. This contradicts earlier comments by US President Donald Trump, who said on Thursday that trade negotiations between the US and China are continuing.
“Traders now believe further growth (in oil prices) is unlikely in the short term due to the trade war among the world’s largest consumers and speculation that OPEC+ may accelerate production growth from June,” said Saxo Bank analyst Ole Hansen.
China has exempted some imports from the US from its 125% tariffs and is asking companies to identify critical goods they need without paying tariffs, according to informed companies, a clear sign of Beijing’s concern about the economic impact of the trade war.
China may exempt some US goods from tariffs – Bloomberg25.04.25, 09:01 • 3258 views
China raised its tariffs after Trump announced higher tariffs on Chinese goods.
Oil prices fell to four-year lows earlier this month after tariffs fueled concerns about global demand and a sell-off in financial markets.
Concerns about oversupply are growing. Several OPEC+ members have proposed that the group accelerate oil production growth in the second month of June, Reuters reported earlier this week.
Oil prices stabilize after 2% drop on potential OPEC+ output increase24.04.25, 08:53 • 3816 views
The US and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of the agreement have yet to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News.
Ending Russia’s war in Ukraine and easing sanctions could allow more Russian oil to flow into global markets, the publication points out. Russia, a member of the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries, is one of the world’s largest oil producers along with the United States and Saudi Arabia.
Russia is drilling oil wells at the fastest pace in 5 years amid possible easing of sanctions – Bloomberg25.04.25, 14:58 • 3738 views