Oil edged lower as traders monitored the latest US moves in the tariff war amid mounting consensus the market will experience a persistent surplus.
West Texas Intermediate futures slipped to around $61 a barrel after the European Union and US made little progress during trade talks this week, and the Trump administration indicated that most of the tariffs imposed on the bloc will remain. The IEA slashed its forecasts for oil demand this year by almost a third and predicted the oversupply will extend into 2026.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Oil has dropped about $10 this month as the trade fight started by President Donald Trump stoked fears of a global recession that would hurt energy demand, especially in the US and China, the biggest crude consumers. Concerns about the growth outlook have led agencies to cut projections for oil usage and analysts to slash price forecasts, with the possibility of a glut amplified by OPEC+'s surprise decision to bring back output more quickly than expected.
The Organization of the Petroleum Exporting Countries already trimmed its outlook for consumption over the next two years by about 100,000 barrels a day, following a larger cut by the US Energy Information Administration last week. Energy Aspects Ltd. cut its annual oil-price forecast by $10 a barrel, saying a global recession is now all but certain.
“The 2025 oil market surplus is increasing,” HSBC Holdings Plc analysts including Kim Fustier wrote in a note. “The combination of weaker demand and accelerated output increases from OPEC+ suggests a larger 2025 surplus than we were forecasting a few months ago.”
Prices
WTI for May delivery fell 0.7% to $61.09 a barrel at 12:11 p.m. in New York
Brent for June settlement dipped 0.7% to $64.41 a barrel.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.