{"id":114294,"date":"2025-05-06T09:38:13","date_gmt":"2025-05-06T05:38:13","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=114294"},"modified":"2025-05-06T09:38:16","modified_gmt":"2025-05-06T05:38:16","slug":"oil-prices-rebound-over-1-after-six-day-slump-but-surplus-concerns-linger","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-prices-rebound-over-1-after-six-day-slump-but-surplus-concerns-linger\/05\/06\/market-updates\/","title":{"rendered":"Oil Prices Rebound Over 1% After Six-Day Slump, But Surplus Concerns Linger"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Oil prices rose on Tuesday, recovering slightly from sharp losses in the previous session as traders took advantage of lower prices and returning Chinese markets supported buying sentiment.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Brent crude<\/strong> rose $0.92 to <strong>$61.15<\/strong> a barrel by 03:09 GMT.<\/li>\n\n\n\n<li><strong>WTI crude<\/strong> gained $0.89 to <strong>$58.02<\/strong> a barrel.<\/li>\n<\/ul>\n\n\n\n<p><strong>Key Drivers:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Monday\u2019s steep losses were triggered by <strong>OPEC+\u2019s decision to accelerate production hikes<\/strong> for a second consecutive month, raising concerns about an oversupplied market.<\/li>\n\n\n\n<li>Oil has now fallen <strong>more than 10% in six sessions<\/strong> and over <strong>20% since April<\/strong>, when U.S. President Donald Trump\u2019s tariff moves spooked global markets.<\/li>\n\n\n\n<li><strong>Chinese traders returned<\/strong> from a five-day May Day holiday, adding liquidity and support.<\/li>\n\n\n\n<li><strong>U.S. services data<\/strong> showed improvement, with the ISM services PMI rising to <strong>51.6<\/strong> in April from <strong>50.8<\/strong> in March, supporting optimism over demand in the world&#8217;s largest oil-consuming nation.<\/li>\n<\/ul>\n\n\n\n<p><strong>Looking Ahead:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>Federal Reserve is expected to keep interest rates steady<\/strong> on Wednesday amid heightened global economic uncertainty.<\/li>\n\n\n\n<li><strong>Barclays<\/strong> cut its <strong>Brent forecast by $4<\/strong> to <strong>$70 for 2025<\/strong>, citing trade tensions and OPEC+\u2019s shift in strategy. Its <strong>2026 forecast<\/strong> was lowered to <strong>$62<\/strong> a barrel.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rose on Tuesday, recovering slightly from sharp losses in the previous session as traders took advantage of lower prices and returning Chinese markets supported buying sentiment. Brent crude rose $0.92 to $61.15 a barrel by 03:09 GMT. WTI crude gained $0.89 to $58.02 a barrel. Key Drivers: Monday\u2019s steep losses were triggered by &hellip;<\/p>\n","protected":false},"author":9,"featured_media":60920,"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":[38,6827,49,37,36],"tags":[],"class_list":["post-114294","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114294","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=114294"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114294\/revisions"}],"predecessor-version":[{"id":114295,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114294\/revisions\/114295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/60920"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=114294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=114294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=114294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}