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.
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.
Oil prices maintain an upward trend on Friday, driven by hopes for a trade deal between the US and the European Union, as well as new US sanctions targeting Iranian fuel exports, Reuters reports.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
Donald Trump's tariff policies could seriously damage the US oil industry. Drillers cut the number of active oil rigs last week to 583. Meanwhile, major companies are reassessing high-cost projects.
The US Energy Information Administration (EIA) forecasts the country's oil production will peak at 14 million barrels per day (bpd) by 2027. Projecting future trends, the organization's experts suggest a further decline in oil output by 2050.
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