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 estimates by Clyde Russell from Reuters, China's oversupply of crude oil rose to 1.89 million barrels per day in April. That surpasses the March figure of 1.74 million and marks the highest level since June 2023.
As reported by Reuters with a reference to the Department of Mineral Resources of North Dakota, US, oil and gas producers of the state are going to cut the number of drilling rigs and production crews due to falling oil prices.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of NG, WTI, Brent.
Oil extended losses on May 16 as supply is set to increase, driven by OPEC+ production hikes and a potential deal between Iran and the US.
India is cementing its status as one of the world's leading oil consumers, outpacing China in demand growth earlier than expected. India’s crude consumption is expected to be up 3.4% and hit 5.74 million barrels per day in 2025.
Oil prices remain under pressure on Friday amid prospects of a potential US-Iran deal. The agreement could worsen the already expected crude oversupply by year-end, Bloomberg reports.
The International Energy Agency (IEA) has downgraded its outlook for global oil demand growth, now expecting an increase of just 650,000 barrels per day (bpd) by the year-end. The major factors behind the revision were global economic headwinds and record electric vehicle sales.
According to an industry source confirmed by Reuters calculations, Kazakhstan's oil production decreased by 3% in April to 1.82 million barrels per day (bpd). Despite some cuts, the country still went above and beyond the OPEC+ quota of 1.473 million bpd.
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.
