Oil Prices Experience a Downturn

Crude prices saw a decline on Friday as the market anticipates the upcoming OPEC+ meeting on May 5. Investors remain cautious, expressing doubts over the potential de-escalation of the China-US trade dispute. This skepticism stems from concerns that an ongoing trade conflict could push the global economy into a downturn, thereby reducing oil consumption.

Impact of OPEC+'s Production Plans

Adding to the market's unease, OPEC+ members are considering increasing production, a move that has already started to significantly affect oil prices in recent weeks.

Current Market Figures

At 8:08 am ET, West Texas Intermediate (WTI) for June deliveries dropped by 1.25%, trading at $58.5 per barrel. Shortly after, Brent for July's settlements also experienced a dip, falling by 1.11% to $61.48 per barrel.