{"id":114135,"date":"2025-04-29T16:02:44","date_gmt":"2025-04-29T12:02:44","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=114135"},"modified":"2025-04-29T16:02:47","modified_gmt":"2025-04-29T12:02:47","slug":"oil-prices-drop-to-near-two-week-lows-as-trade-war-hits-demand-outlook","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-prices-drop-to-near-two-week-lows-as-trade-war-hits-demand-outlook\/04\/29\/market-updates\/","title":{"rendered":"Oil Prices Drop to Near Two-Week Lows as Trade War Hits Demand Outlook"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Oil prices fell sharply on Tuesday, pressured by mounting concerns that the prolonged U.S.-China trade conflict is severely dampening global demand expectations.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>At 11:19 GMT:<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Brent crude futures<\/strong> slid <strong>$1.22<\/strong>, or <strong>1.85%<\/strong>, to <strong>$64.64<\/strong> per barrel.<\/li>\n\n\n\n<li><strong>U.S. West Texas Intermediate (WTI)<\/strong> crude futures dropped <strong>$1.10<\/strong>, or <strong>1.8%<\/strong>, to <strong>$60.95<\/strong> per barrel.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>This marks the second consecutive day of losses for both benchmarks, taking them to <strong>their lowest levels in nearly two weeks<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Trade War Threatens Global Growth<\/h3>\n\n\n\n<p>The continued escalation of the U.S.-China trade war remains a <strong>critical drag<\/strong> on energy markets:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A majority of economists polled by <strong>Reuters<\/strong> now predict that <strong>global recession risks<\/strong> have increased substantially due to <strong>President Donald Trump\u2019s aggressive tariff policies<\/strong>.<\/li>\n\n\n\n<li>China, targeted by the steepest U.S. tariffs, has responded with heavy retaliatory duties, exacerbating fears over slower global trade and reduced oil consumption by the world\u2019s <strong>two largest economies<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Analysts Slash Oil Demand and Price Forecasts<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Barclays<\/strong> on Monday <strong>cut its 2025 Brent crude forecast<\/strong> by <strong>$4 to $70<\/strong> per barrel.<\/li>\n\n\n\n<li>The bank cited:\n<ul class=\"wp-block-list\">\n<li>Elevated trade tensions.<\/li>\n\n\n\n<li>A pivot by <strong>OPEC+<\/strong> toward raising production, creating an estimated <strong>1 million barrels per day supply surplus<\/strong> this year.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">OPEC+ to Push for Further Output Increases<\/h3>\n\n\n\n<p>Sources told <strong>Reuters<\/strong> that <strong>several OPEC+ members<\/strong> are set to propose another <strong>acceleration of oil output hikes<\/strong> at the group\u2019s next meeting in June, following the surprise production increase in May.<\/p>\n\n\n\n<p>This potential rise in supply comes at a time when <strong>demand expectations are weakening<\/strong>, heightening concerns that the oil market could tip back into <strong>significant oversupply<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Kazakhstan Oil Exports Rise<\/h3>\n\n\n\n<p>Adding further weight to oversupply worries:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Kazakhstan<\/strong> increased oil exports by <strong>7% year-on-year<\/strong> to <strong>19.52 million metric tons<\/strong> (approximately <strong>1.63 million barrels per day<\/strong>) during the January\u2013March period.<\/li>\n\n\n\n<li>The rise was driven by boosted flows via the <strong>Caspian pipeline<\/strong>, according to Reuters calculations based on official data and sources.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Outlook<\/h3>\n\n\n\n<p>The oil market faces a challenging outlook:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Persistent <strong>trade tensions<\/strong> are capping optimism for a demand recovery.<\/li>\n\n\n\n<li>Potential <strong>increases in OPEC+ supply<\/strong> are adding downside pressure on prices.<\/li>\n\n\n\n<li>Analysts will closely watch upcoming U.S. inventory reports and global economic indicators this week to gauge the next moves for oil.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices fell sharply on Tuesday, pressured by mounting concerns that the prolonged U.S.-China trade conflict is severely dampening global demand expectations. At 11:19 GMT: Brent crude futures slid $1.22, or 1.85%, to $64.64 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $1.10, or 1.8%, to $60.95 per barrel. This marks the second &hellip;<\/p>\n","protected":false},"author":9,"featured_media":105619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[],"class_list":["post-114135","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=114135"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114135\/revisions"}],"predecessor-version":[{"id":114136,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114135\/revisions\/114136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/105619"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=114135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=114135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=114135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}