Oil Market Reacts to OPEC+ and Trade Talks Uncertainty

As the global oil market watches closely, crude prices experienced a notable decline this Friday. The anticipation surrounding the OPEC+'s upcoming meeting on May 5, coupled with growing skepticism over the potential de-escalation of the China-US trade dispute, has left investors on edge.

Market Dynamics at Play

The fear that an escalating trade conflict could push the world economy towards a downturn, thereby reducing oil consumption, is palpable. This concern is further exacerbated by the OPEC+ members' plans to ramp up production, a move that has already left its mark on oil prices in recent weeks.

Price Movements Highlighted

At 8:08 am ET, West Texas Intermediate (WTI) for June's deliveries saw a drop of 1.25%, trading at $58.5 per barrel. Shortly after, Brent for July's settlements followed suit, dipping by 1.11% to $61.48 per barrel.