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• #Commodities

Prices fell due to high supply and weak outlook

The major oil companies face weak profits

Oil prices continue to decline today, Tuesday, April 29, 2025, as West Texas Intermediate Crude (WTI) recorded about $ 60.96 a barrel, which is the lowest level since the beginning of the year. This decline comes in light of increasing concerns about the slowdown in global demand, especially from China and Europe, in conjunction with increasing supplies from some OPEC+members. Expectations indicate that major oil companies such as Shell, Chevron and BB will record low profits for the first quarter of 2025, as a result of low prices and high supply, which adds more pressure on the markets.

 Future expectations are still negative

Financial institutions, such as Barclays, reduced their expectations for Brent crude prices during the year to $ 70 a barrel, expected to exhibit the supply of one million barrels per day, amid continuing trade tensions between Washington and Beijing.

🧭 Factors currently affecting:

• The slowdown from China and Europe is slowing down
• Increase OPEC+ production from May
• The trade war between America and China escalated
• The markets are waiting for new economic data this week