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.
According to Bloomberg, the oil market experienced a sharp volatility increase after the announcement of new import tariffs by Donal Trump. The current situation can lead to the reduction in liquidity, and investors have already started to withdraw funds from the oil sector.
Chinese customs data released on Sunday showed a sharp decline in imports of liquefied natural gas (LNG) and wheat from the United States, with purchases falling to zero in March. Last year, the US accounted for 5% of China's fuel deliveries and 17% of its maize supplies.
According to the Energy Research Unit, in the first three months of the year, oil and petroleum products supplies from Iraq decreased by 110,000 barrels per day (bpd) year-on-year, totaling 3.7 million bpd.
The Russian Ministry of Economic Development has lowered its expectations for the average price of Brent oil in 2025 by almost 17% to $68 per barrel in contrast with the department's September forecast of $81.7 per barrel, Interfax reported.
Oil fell more than 1.5% on Monday. Markets are once again focused on the expected decline in fuel demand driven by the US trade policy. Crude prices also declined following signs of progress in talks between the US and Iran.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
Lead financial institutions actively review their oil market forecasts, accessing the impact of trade conflicts on the world economy. According to Bloomberg data, oil consumption expectations were lowered by 320 thousand barrels per day. It's close to one-third of annual demand growth.
Czech Prime Minister Petr Fiala announced a major milestone on Thursday: the country has completely weaned itself off Russian oil for the first time in 60 years. This historic shift marks a complete halt to fuel deliveries through the Druzhba pipeline.
According to traders and Vortexa data provided by Reuters, volumes of Russian Arctic oil exported to China could show a sharp increase this month due to active ship-to-ship offshore transfers.
Baker Hughes released its report on the number of oil and gas rigs in the US one day earlier due to the Good Friday holiday. The count rose by two over the past week, reaching a total of 585 units. While marking the first increase in four weeks, the rise remained below last year's levels.
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Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
