Oil Market Reacts to OPEC+ and Trade Talks

As the world closely watches the upcoming OPEC+ meeting on May 5, crude oil prices have taken a hit. Investors are showing skepticism towards the potential de-escalation of the US-China trade dispute, fearing it could lead to a global economic downturn and reduced oil demand.

Price Movements Highlight Market Concerns

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 crude for July settlements also experienced a dip, falling by 1.11% to $61.48 per barrel.

These developments underscore the market's nervousness about the dual impact of increasing OPEC+ production and the unresolved trade tensions between the world's two largest economies.