From Yahoo Finance: 2025-04-28 16:18:00

Oil prices fell as traders monitored US economic data and awaited updates on President Trump’s trade war, particularly China’s response to boost its economy. West Texas Intermediate settled near $62 a barrel, the lowest in two weeks, with US equities weakening. Concerns over the trade war’s impact on energy demand and OPEC+ increasing production have led to a more than 13% monthly slump in US crude prices.

China, the top crude importer, promised more support for exporters affected by tariffs, aiming for 5% growth by 2025. OPEC+ will discuss output plans for June on May 5. Major economic data this week, along with earnings reports from oil supermajors, will provide insight into the global crude market outlook.

Despite bearish sentiment, near-term crude looks stable due to low onshore inventories. Geopolitically, progress has been made in US-Iran talks on a nuclear deal, with plans to meet in Europe. An explosion at Iran’s Shahid Rajaee port resulted in casualties, impacting the global oil trade through the Strait of Hormuz.



Read more at Yahoo Finance: Oil Slumps on Economic Data, Continued Trade War Fallout