On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
Bloomberg reports that oil exports from Russia have increased over the past two weeks. Nearly half of the tankers that were previously subject to Western restrictions are now transporting Russian crude again.
Oil prices extended losses on Wednesday as growing concerns about slowing global economic growth and weaker fuel demand continued to drag the market down. According to Reuters, uncertainty over US tariff policy is putting pressure on prices.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
According to Kpler data, India is set to import approximately 11.2 million barrels of US crude in June, the highest monthly volume since last August.
The Financial Times (FT) reports that Chinese oil traders are betting on cheap crude, disregarding the long-term risks of a trade confrontation with the United States.
Morgan Stanley reports that the global oil market is currently experiencing a unique scenario. While fuel prices indicate a short-term supply shortage, they also point to a significant demand surplus in the long run.
According to LSEG data, India increased its purchases of Russian ESPO light crude in April to the highest level since last August. The surge is attributed to weak demand from China, the main consumer of ESPO.
Barclays has cut its forecast for Brent crude prices this year by $4 to $70 per barrel, with the grade expected to reach as low as $62 in 2026. The analysts cite trade tensions and OPEC+’s shift in the output.
Oil slipped during early Asian trading on Tuesday. Investors cut their crude demand outlook due to the ongoing trade confrontation between the US and China, the world’s leading economies.
In March, Chinese refineries processed the largest volume of oil in a year. However, crude inventories rose to their highest level in almost three years due to increased imports. China's crude oil glut in March was the highest since mid-2023, at 1.74 million barrels per day (bpd).
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