From Investing.com: 2025-04-29 04:52:00

Oil prices continued to slide this morning due to weakening demand concerns caused by ongoing US tariff uncertainties and OPEC+ plans to increase output. ICE lost almost 1% as prices moved back towards $65/bbl. The US economy is slowing, China is pushing back against tariffs, and OPEC+ plans to revive production in its upcoming meeting. US Energy Secretary Chris Wright plans to refill the Strategic Petroleum Reserve, which currently stands at over 397m barrels but is well below its capacity of 700m barrels. Several oil refineries in Spain were halted due to a power failure, causing Europe’s worst blackout in years. Gold prices fell almost 1% this morning on new developments in US trade negotiations and a decline in US Treasury yields. However, the ongoing uncertainty in US-China trade talks and economic instability should continue to support safe-haven demand for gold. Sugar prices fell 2.9% yesterday on expectations of ample global supplies for the 2025/26 season. Brazil’s sugar production is expected to rise this season, but concerns over weakening consumption have emerged following recent US tariffs. The May futures versus July spread moved into a contango yesterday due to rising supply estimates.



Read more at Investing.com: Crude Oil Edges Lower on Weakening Demand Concerns