28 April | Oil

Oil gains slightly on uncertain demand outlook

Oil gains slightly on uncertain demand outlook

Reuters reports that oil gained in early trade on Monday. However, the prices remain constrained by uncertainty over trade negotiations between China and the US, as well as the prospect of OPEC+ raising production. 

Michael McCarthy, chief executive officer of online trading platform Moomoo, believes absence of news is pushing crude prices slightly up, as traders are to go short only ahead of potential increased output by OPEC+ after the meeting on May 5 and a significant production boost in the US

At the same time, concerns over oil surpluses and a slowdown in the global economy driven by US trade tariffs caused Brent and WTI to lose more than 1% last week.

Besides, the market has been shaken by conflicting comments from Beijing and US President Donald Trump over the progress in de-escalating the trade tensions, Reuters reports. Trump claimed that negotiations with China were underway, but Beijing said no talks were taking place.

Investors has also been watching negotiations between Iran and the US. Abbas Araqchi, Iranian Foreign Minister, said he was extremely cautious about the success of these talks.

Elena Berseneva MarketCheese
Period: 22.09.2025 Expectation: 300 pips
AUDUSD rises to new highs within ascending channel
Today at 09:16 AM 2
Period: 23.09.2025 Expectation: 5070 pips
Selling Tesla shares amid fundamental headwinds
Today at 07:44 AM 23
Period: 30.11.2025 Expectation: 370 pips
Buying GBPUSD with 1.39880 in view
Today at 07:27 AM 11
Period: 30.11.2025 Expectation: 3700 pips
Buying Bitcoin on positive market sentiment
Today at 05:27 AM 42
Gold sell
Period: 22.09.2025 Expectation: 14000 pips
Gold is looming correction after powerful rally
Yesterday at 09:43 AM 241
Period: 26.09.2025 Expectation: 2000 pips
Buying silver while it’s correcting before another rally to $43.5
Yesterday at 08:37 AM 168
Go to forecasts