Oil Renews Slide Before OPEC+ Meeting That May Agree Supply Hike
Oil declined at the end of a volatile week as traders weighed a potential supply hike from OPEC+ and the trade war's risks to demand, against a fresh threat of US sanctions against Iranian flows.
Brent crude fell below $62 a barrel, heading for a weekly loss of more than 7%, while West Texas Intermediate was near $59. The Saudi-led alliance is due to meet on Monday to frame supply policy for June, following a report that another bumper increase will be agreed.
In the US, President Donald Trump said that he would impose secondary sanctions on any nations or companies buying Iranian oil, ratcheting up pressure on Tehran as nuclear talks with Washington hit a snag. The threat caused prices to flip higher in Thursday's session.
Crude has shed almost a fifth this year, touching a four-year low, as the Trump administration's bid to rework the global trading system through punitive levies fanned concerns it'll drag economies into recession, hurting energy demand. Data this week reinforced that anxiety, with figures showing the US shrank in the first quarter, and softness in Chinese manufacturing.
The moves by OPEC+ to revive its considerable shuttered capacity have amplified concerns that global supply will exceed demand over 2025. At present, traders broadly expect the group to sign off on another surge, according to a Bloomberg survey. Early last month, OPEC+ surprised the market by agreeing to revive 411,000 barrels a day in May, three times the orignally planned volume.
Prices:
Brent for July settlement fell 0.3% to $61.96 a barrel at 8:14 a.m. in Singapore.
WTI for June delivery declined 0.3% to $59.09 a barrel.
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