Market Watch: Crude Prices Decline

Investors are on edge as the OPEC+ meeting on May 5 approaches, coupled with growing skepticism over the potential de-escalation of the China-US trade dispute. These factors have cast a shadow over the oil market, leading to a noticeable dip in crude prices.

Impact on Global Economy and Oil Consumption

The escalating trade conflict between the two economic giants raises concerns about a possible global economic downturn, which could significantly reduce oil consumption. This, alongside OPEC+ members' plans to ramp up production, has exerted downward pressure on oil prices in recent weeks.

Price Movements

West Texas Intermediate (WTI) for June deliveries saw a 1.25% drop, trading at $58.5 per barrel at 8:08 am ET. Similarly, Brent for July settlements experienced a 1.11% decline, selling for $61.48 per barrel shortly after.