Overview

• Brent crude is trading at $65 per barrel and WTI at $61, stabilizing after weeks of volatility spurred by U.S.-China trade tensions.
• OPEC+ nations will increase oil production by 411,000 barrels per day in May, contributing to oversupply concerns.
• Chinese crude oil imports rebounded sharply in March, reaching their highest levels in 20 months, providing short-term support to oil prices.
• Goldman Sachs and JP Morgan have lowered their oil price forecasts through 2026, citing weak demand growth and large projected surpluses.
• U.S. tariff exemptions on key technology products have temporarily buoyed market sentiment but have not alleviated broader economic uncertainties.