WTI Crude Oil Futures Continue Downward Trend

West Texas Intermediate (WTI) crude oil futures have seen a consecutive decline for the fourth day, reaching a three-week low. This slump is attributed to fears over diminishing demand amidst an escalating global trade conflict and reports of an impending OPEC+ production increase, spearheaded by Saudi Arabia.

Economic Contraction Adds to Oil Market Woes

Compounding the issue, the US economy experienced a contraction in the first quarter of 2025, marking the first downturn in three years. This economic setback is largely blamed on the aggressive trade policies of President Donald Trump, further exacerbating the challenges faced by the oil market.

Price Movements at a Glance

At 4:57 am ET, WTI for June deliveries was down by 2.06%, trading at $57.05 per barrel. Similarly, Brent crude for June settlements fell by 1.83% to $60.01 per barrel at the same time, reflecting the broader market sentiment.