Overview

• Brent crude is trading at $61 and WTI at $59, reflecting near four-year lows despite minor rebounds this week.
• Saudi Arabia has signaled its willingness to tolerate prolonged low oil prices, with OPEC+ members considering accelerating output hikes in June.
• The U.S. economy contracted for the first time in three years, intensifying fears of a global economic slowdown driven by trade tensions.
• China expressed openness to trade talks with the U.S., raising hopes for de-escalation in the tariff dispute that has pressured oil demand.
• Analytics firm Kpler revised its 2025 global oil demand growth forecast downward, citing weak demand from China and India as key factors.