Overview

• Brent crude prices dropped to $65.61 per barrel, and WTI fell to $61.87, continuing Monday's losses of over $1 per barrel.
• Uncertainty surrounding U.S.-China trade talks has dampened global economic growth forecasts, reducing oil demand expectations.
• OPEC+ members are expected to propose a second consecutive month of accelerated supply hikes during their May 5 meeting.
• Barclays revised its 2025 Brent crude price forecast down by $4 to $70 per barrel, citing a projected one-million-barrel-per-day surplus.
• Iran-U.S. nuclear negotiations continue in Oman, with cautious optimism from Iranian officials, as potential sanctions relief could impact oil markets.