Overview

• Brent crude fell to $63.14 per barrel and WTI dropped below $59, marking their lowest levels since 2021 and the sharpest monthly decline in nearly four years.
• Saudi Arabia has indicated it can tolerate prolonged low oil prices and is expected to push for further OPEC+ production increases at the upcoming May 5 meeting.
• U.S. crude stockpiles unexpectedly fell by 2.7 million barrels last week, according to the EIA, but this failed to offset bearish sentiment in the market.
• President Trump's tariffs on imports have heightened fears of a global recession, leading to downgraded oil demand forecasts from key agencies and financial institutions.
• Chinese economic data shows contracting factory activity, exacerbating concerns about reduced global demand for oil and other commodities.