Crude Prices Experience a Dip

Investors are showing caution as the OPEC+ meeting on May 5 approaches, coupled with doubts about the potential de-escalation of the China-US trade dispute. The ongoing trade conflict raises concerns about a global economic downturn and a subsequent reduction in oil consumption. These factors, along with OPEC+ members' plans to ramp up production, have exerted downward pressure on oil prices in recent weeks.

Market Reactions

West Texas Intermediate (WTI) for June deliveries saw a decrease of 1.25%, trading at $58.5 per barrel at 8:08 am ET. Similarly, Brent for July settlements fell by 1.11%, reaching $61.48 per barrel shortly after.