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US oil holds near $62 as global concerns persist

Limited movement amid supply and demand pressures

US oil prices stabilize near $62.38 a barrel amid supply and demand pressures Current Trends: US oil prices (WTI) stabilized near $62.38 a barrel today, Monday, April 28, 2025, after a wave of sharp volatility in April. Despite some recovery attempts in recent weeks, markets remain under pressure due to increased supply from some OPEC+ members, in addition to growing concerns about slowing global demand due to slowing economic growth in China and Europe.

 Factors Affecting Markets:

Trade War: Escalating tensions between the United States and China, including the imposition of mutual tariffs, have raised concerns about a slowdown in global economic growth, negatively impacting energy demand forecasts.

Supply Increase: OPEC+ has decided to increase its production by 411,000 barrels per day starting in May, increasing supply to the market.

Chinese Demand: Although imports from China, the world's largest oil importer, increased to 11 million barrels per day in April, this increase was not enough to offset the decline in global demand.

Future Outlook:

Markets continue to monitor economic data this week, which may provide clues about energy demand trends. With the fragile supply-demand balance still in place, analysts expect oil prices to remain volatile in the future, with focus on developments in the US-China trade war and OPEC+ production decisions.

Brent Crude: Brent crude rose above $67 per barrel after a 1.6% decline last week.

West Texas Intermediate (WTI) crude oil settled near $63 per barrel.

Important Notes: Despite some slight gains, oil futures are on track for their biggest monthly loss since 2022, having touched four-year lows in recent weeks.

Economic Indicators: Markets continue to await upcoming economic data, particularly regarding global oil demand and the impact of geopolitical shifts on energy markets.

Forecast: Oil prices are expected to remain volatile in the coming period, as we monitor developments in the US-China trade war, OPEC+ production decisions, and the impact of global economic data on oil demand.