Oil Prices Experience Downturn Ahead of OPEC+ Meeting

Investors are closely watching the upcoming OPEC+ meeting scheduled for May 5, as crude prices took a hit on Friday. The skepticism surrounding the potential de-escalation of the China-US trade dispute has further fueled concerns, leading to a noticeable decline in oil prices.

Trade Conflict and Economic Downturn Fears

The escalating trade conflict between the US and China has raised alarms about a possible global economic downturn, which could significantly reduce oil consumption. This, coupled with the anticipation of increased production by OPEC+ members, has exerted downward pressure on oil prices in recent weeks.

Current Market Figures

At 8:08 am ET, West Texas Intermediate (WTI) for June deliveries saw a decrease of 1.25%, trading at $58.5 per barrel. Shortly after, Brent for July settlements also dipped by 1.11%, selling for $61.48 per barrel.