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3d ago

Oil Prices Rebound Slightly as OPEC+ Meeting and Trade Talks Loom

Crude prices recover modestly after steep declines, driven by potential U.S.-China tariff negotiations and upcoming OPEC+ production decisions.

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company operates near Long Beach, California July 30, 2013. REUTERS/David McNew/File Photo
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Overview

  • Oil prices rose slightly, with Brent crude reaching $62.51 per barrel and WTI at $59.62, following signals of potential U.S.-China trade negotiations.
  • Saudi Arabia has indicated it will not pursue further production cuts and is prepared for prolonged lower prices, influencing OPEC+ discussions on increasing output in June.
  • The U.S. economy contracted for the first time in three years during Q1 2025, raising concerns about weakening oil demand growth.
  • President Trump’s threat of secondary sanctions on Iranian oil buyers has added uncertainty, with potential impacts on global oil supply.
  • Analytics firm Kpler revised its 2025 global oil demand growth forecast downward to 640,000 barrels per day, citing trade tensions and weaker demand in key markets like India.