Oil Prices Plummet Due to US-Led Trade War Fears
Global oil prices are experiencing a significant decline this month due to fears of the US-led trade war impacting economic growth and energy demand. Brent crude has fallen by over 14%, while West Texas Intermediate is near $60 a barrel. This slowdown is indicative of a potential economic downturn.
Global Oil Prices Take a Hit
Oil markets are facing their worst April performance on record, with the US-led trade war causing concerns about economic growth and energy demand. Brent crude has dropped by more than 14% this month, the largest decline since trading began in 1988. Similarly, West Texas Intermediate is hovering around $60 a barrel.
US Economic Slowdown and Crude Stockpiles Rise
Data expected to be released on Wednesday may confirm a slowdown in US economic growth, with consumer confidence hitting a five-year low. Additionally, commercial crude stockpiles in the US have risen by 3.8 million barrels, signaling a possible oversupply in the market.
OPEC's Output Cuts and Russia's Export Increases
Meanwhile, OPEC has been easing output cuts, potentially accelerating supply increases. Russia's oil exports have also increased for the second week in a row, with almost half of the previously sanctioned tankers now transporting Russian barrels. This increase in crude flows from Russian ports highlights a shift in energy dynamics.