From Yahoo Finance: 2025-05-01 22:02:00

Oil prices fell over 1% on Friday, marking their biggest weekly losses since March’s end. U.S. WTI crude settled at $58.29 a barrel, while Brent crude closed at $61.29. Brent dropped over 8% for the week, and WTI lost about 7.7%. OPEC+ moved up their meeting to Saturday to discuss June’s output policy. The group is considering another oil output increase amid fears of an economic slowdown due to the U.S.-China trade war. Saudi Arabia officials signaled unwillingness to cut oil supply further. Traders are cautiously optimistic about a potential U.S.-China trade deal. Friday’s oil price decline was offset by rising equity markets and Trump’s threat of secondary sanctions on buyers of Iranian oil. U.S. oil output growth is slowing, with the oil rig count falling by four to 479.



Read more at Yahoo Finance: Oil posts biggest weekly loss in a month ahead of OPEC+ meeting