Overview

• Brent crude fell to $66.14 per barrel and WTI dropped to $62.43, marking weekly declines of 2.6% and 3.5%, respectively.
• Persistent oversupply concerns from OPEC+ and speculation of accelerated production hikes in June continue to pressure prices.
• China’s foreign ministry contradicted President Trump’s claim of ongoing tariff talks, adding uncertainty to trade negotiations.
• Reports of potential U.S.-Iran nuclear agreements raised fears of increased Iranian crude exports, though new U.S. sanctions briefly supported prices midweek.
• A stronger U.S. dollar and broader macroeconomic challenges further dampened crude oil demand outlooks.