Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Crude oil prices drop on demand fears

    Crude oil prices drop on demand fears

    April 28, 2025
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Oil prices

    Houston — Crude oil prices fell more than $1 a barrel on Monday morning as demand fears arising from the trade war between the United States and China were pressing down demand at the pump.

    Brent crude futures were down $1.09, or 1.63%, at $65.78 a barrel, as of 1522 GMT. U.S. West Texas Intermediate crude fell $1.15, or 1.82%, to $61.87 a barrel.

    Brent futures rose marginally in the previous two sessions, but nonetheless marked a week-on-week decrease of over 1% on Friday because of concerns about the impact of tariffs on the global economy.

    The U.S.-China trade war is dominating investor sentiment in moving oil prices, said analyst John Evans of brokerage PVM, superseding nuclear talks between the U.S. and Iran and discord within the OPEC+ coalition.

    Markets have been rocked by conflicting signals from U.S. President Donald Trump and Beijing over what progress was being made to de-escalate a trade war that threatens to sap global growth.

    In the latest comment from Washington, U.S. Treasury Secretary Scott Bessent on Sunday did not back Trump’s assertion that negotiations with China were underway. Earlier, Beijing denied any talks were taking place.

    “A lot of the feeling in the market is how is it going to be playing out in the next 24 to 48 hours?” said Phil Flynn, senior analyst with Price Futures Group. “Are we going to be bombing Iran? Is China going to be buying more crude?”

    Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are expected to suggest that the group accelerate oil output hikes for a second consecutive month when they meet on May 5.

    “Sentiment has turned more bearish since our forecast last month with OPEC+’s more aggressive unwind – and accompanying doubts about unity within the cartel – the key change,” said BNP Paribas analyst Aldo Spanjer in a note.

    BNP Paribas expects Brent in the high $60s per barrel in the second quarter of this year, the note said.

    Meanwhile, Iranian Foreign Minister Abbas Araqchi said he remained “extremely cautious” about the success of the negotiations, as nuclear talks between Iran and the United States in Oman continue this week.

    In Iran, a powerful explosion at its biggest port of Bandar Abbas has killed at least 40, with more than 1,200 people injured, state media reported on Sunday.

    *Erwin Seba; Robert Harvey; Mohi Narayan & Florence Tan. Editing: Sherry Jacob-Phillips, David Evans & Mark Potter – Reuters

    Related News

    Ghana’s President urges investors to speed up crude oil extraction

    Tullow Oil finalizes terms to sell Gabon assets in $300 million deal

    Navy dismantles nine illegal refineries, seizes stolen crude in Rivers

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.