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Oil prices head for biggest monthly drop since 2021

2025-04-30 13:38:00, Ekonomi CNA

Oil prices continued to fall on Wednesday and are heading for their biggest monthly drop in almost three and a half years, as the global trade war and concerns about rising supply weighed on the outlook for fuel demand.

Brent crude futures fell 49 cents, or 0.8%, to $63.76 a barrel. U.S. West Texas Intermediate crude futures fell 40 cents, or 0.7%, to $60.02 a barrel.

So far this month, Brent and WTI have lost about 15% and 16%, respectively, the biggest percentage declines since November 2021.

Both benchmark indices fell after US President Donald Trump announced tariffs on all US imports on April 2. They then fell further to four-year lows as China responded with tariffs, fueling a trade war between the two major oil-consuming countries.

Trump's tariffs have made it possible for the global economy to fall into recession this year.

In April, factory activity in China contracted at the fastest pace in 16 months, according to a factory survey.

US consumer confidence fell to a five-year low in April, due to growing concerns about tariffs.

While the orders Trump signed on Tuesday to soften the blow of auto tariffs created some concerns among investors, oil prices were also affected by concerns about increased supply from OPEC+.

Several OPEC+ members are set to suggest a second consecutive month of production increases in June. The group will meet on May 5 to discuss production plans.

"The very real possibility that OPEC+ will continue to pump extra barrels into the market as it struggles to maintain order within its ranks is happening because of diplomatic events in Ukraine and Iran, which if successful would mean more international crude at a time when a trade war would crush any hopes of demand growth," PVM analysts said.

Spain and Portugal were hit by a complete power outage across the Iberian peninsula, a stark reminder of how dependent modern life is on energy.

Also sending negative signals from the supply side, US crude oil inventories rose by 3.8 million barrels last week, citing data from the American Petroleum Institute.

Analysts surveyed by Reuters expect, on average, an increase of 400,000 barrels in US crude oil reserves./ Monitor Magazine