From Yahoo Finance: 2025-04-30 12:52:00

Crude oil prices plummeted due to fears of a global economic downturn and an impending supply surge. WTI futures settled at $58.21 a barrel, while Brent futures closed at $63.12. Reports of Saudi Arabia’s willingness to accept lower prices hinted at increased production and market share expansion.

US economic contraction in Q1, slower hiring, and Chinese factory activity decline stoked fears of trade war impact on global growth and oil demand. OPEC+ is considering increasing oil output in June. Gas prices rose in April despite demand and better weather, averaging $3.18 per gallon.

The S&P 500 recovered from early April losses but oil prices failed to gain investor support amidst trade tensions. Trump officials’ optimistic tariff tone boosted stocks, but oil faces uncertainty. JPMorgan warns of potential lower oil prices as Trump seeks $50 per barrel. Demand uncertainty remains due to impending tariffs.

Read more: Oil prices post biggest monthly drop since 2021 as trade war sparks recession, demand fears