There was some relief at the start of the week for oil prices as traders reacted to the weekend news of de-escalation in the trade war between the US and China and figured that a potential extension of the tariff truce would be net positive for the demand outlook. However, the recovery stalled as WTI prices couldn’t break above $60 per barrel and have since turned flat on the week. The bearish trend thus remains intact for oil. Here, investors are concerned about the excess supply of the stuff hitting the markets, as the OPEC+ is gradually releasing some withheld oil supplies to win back market share. The group’s plan is to increase production by a total of 1.65 million barrels per day by the end of 2025. It has already increased output by 137K bpd from October. Against a backdrop of increasing supplies, it looks like WTI is heading towards the April lows of around $55.00 again.
By Fawad Razaqzada, market analyst with FOREX.com
By Fawad Razaqzada, market analyst with FOREX.com
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