Market Watch: Crude Prices Under Pressure

Crude oil prices experienced a downturn on Friday, as the market eyes the upcoming OPEC+ meeting on May 5 with cautious optimism. The potential for increased production by OPEC+ members, coupled with ongoing skepticism regarding the de-escalation of US-China trade disputes, has fueled concerns over a global economic slowdown and its impact on oil demand.

Price Movements: WTI and Brent Reflect Market Sentiment

At 8:08 am ET, West Texas Intermediate (WTI) for June delivery fell by 1.25% to $58.5 per barrel, while Brent crude for July settlement saw a 1.11% drop to $61.48 per barrel shortly after. These movements underscore the market's nervousness ahead of critical decisions by OPEC+ and the unresolved trade tensions between the world's two largest economies.