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.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Major oil and gas manufacturers are not going to cut their budgets, regardless of the decline in oil prices. Despite the downturn in profitability, leading firms are showing an upturn in production volumes.
US President Donald Trump’s administration intends to hold a lease sale in the Gulf of Mexico in June this year. Head of the National Ocean Industries Association, Erik Milito, forecasts crude production in the Gulf of Mexico to rise to 2.4 million barrels per day.
Saudi Arabia declared the intension to secure its foothood as the world’s largest oil manufacturer. The announcement followed the statements of the Energy Minister — Prince Abdulaziz bin Salman.
Diamondback Energy, the largest independent producer in the Permian Basin, says US shale oil production has likely hit its peak and is expected to decline in the coming months due to the sharp drop in crude prices.
Oil prices surged from a four-year low on Tuesday. According to Bloomberg, technical analysis suggests that crude recently entered oversold territory.
Wall Street analysts are lowering oil price forecasts and warning of a market glut resulting from increased OPEC+ supplies.
Barclays has cut its Brent crude price forecast yet again. The bank now expects oil to average $66 per barrel in 2025. Analysts say the downgrade reflects OPEC+'s decision to accelerate production increases.
Saudi Arabia has warned OPEC+ members who are not complying with production quotas, particularly Kazakhstan and Iraq, that it may increase oil output if they continue to violate agreements, according to Bloomberg.
Oil prices lost more than $2 a barrel during early Asian trade on Monday. The decline was driven by the intention of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to accelerate production hikes.
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
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.
