Oil Falls for 2nd Session
WTI crude oil futures declined by more than 2%, falling below $61 per barrel to reach a two-week low. This decrease follows a 1.5% drop in the previous trading session, driven by global trade tensions and lackluster US economic data that have negatively impacted the demand outlook. Oil is poised for its most significant monthly decline since 2021, with a 15% reduction in April, as concerns mount that President Trump's increasing tariffs could tip the global economy into recession. A decline in US consumer confidence further underscores the economic challenges. Meanwhile, the OPEC+ group is contemplating accelerating its planned production increases at its upcoming meeting on May 5, with expectations for Saudi Arabia and other key members to amplify supply. In addition, Kazakhstan boosted its oil exports by 7% compared to the previous year, reaching 1.63 million barrels per day in the first quarter, benefiting from increased flows via the Caspian pipeline. Prospects for the return of Iranian oil are emerging once more, buoyed by advances in nuclear negotiations and the announcement of a temporary ceasefire in Russia's conflict with Ukraine, scheduled to commence on May 8.
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