2025-04-04 09:08
publication
2025-04-04 09:08
Oil prices on the Fuel Exchange in New York are falling. Investors are worried about the prospects of GDP growth and oil demand for new duties announced by the US administration.
The barrel of oil West Texas Intermediate in supplies for May is lowering at Nymex in New York by 1.42 percent. up to 66 USD.
Brest price on ICE in June drops by 1.3 percent. up to USD 69.22 per barrel.
Brent oil has been on the right track to recording the largest weekly loss from October, and WTI oil from January.
“Weakness appears in term contracts with a longer maturity. Both six -month and twelve -month spots have shrunk. The duties hit the most powerful rising economies of Asia, which are a significant market for oil consumption growth,” BMI analysts wrote in the report.
The decision of the organization of oil exporting countries (OPEC+) and their allies to accelerate the plan to increase oil production contributed to the bear mood. The cartel currently intends to increase production by 411 thousand. b/DW May, compared to 135 thousand b/d, as was originally planned.
“This accelerates the expected surplus, which we anticipate on the oil market this year. The greater OPEC+ supply should translate into more oil on the market and a wider spread Brent-Dubai Spread”-wrote analysts from ING in the report.
The import of crude oil, gas and refined products has been excluded from Trump's new duties, but this policy may increase inflation, slowing down economic growth and exacerbation of commercial disputes, which will affect oil prices.
“The perfect bear cocktail was prepared in Washington and Vienna. Mutual tariffs for virtually every significant US trading partner rightly raise fears of recession and potential stagphlation. Economic growth and demand for oil have been tarnished,” said Tamas Varga, an analyst at the Makler's House of PVM Oil Associates.
Goldman Sachs has reduced Brent oil forecast by $ 5 for a barrel to USD 66 at the end of the year. According to bank analysts, price variability will probably remain high with a higher risk of recession. (PAP Biznes)
KEK/ ry/
