On Monday, 9 June, global oil prices declined slightly, but retained most of last week’s growth. According to Enkorr, the market is reacting to economic signals from China and the US, as well as expectations about the development of trade talks in London.
In particular, Brent crude futures lost 6 cents to settle at $66.41 per barrel, while WTI fell 4 cents to $64.54.
Last week, Brent rose by 4% and WTI by 6.2%, showing the first increase after three weeks of decline.
“Brent crude is nearing the top of its trading range, driven by buying encouraged by easing tariff fears,” said Tim Evans of Evans Energy.
Amid stable unemployment in the US, investors are counting on a possible Fed rate cut, which could boost the economy and oil demand.
In China, business activity has been slowing down: exports fell to a three-month low in May, and factory deflation reached its lowest level in two years. Imports of crude oil to China have also declined due to massive maintenance at refineries.
At the same time, investors are closely watching the decisions of OPEC+, which will increase production from July.
According to HSBC, supply growth could accelerate in August and September, putting pressure on prices in Q4 2025.
Analysts at Capital Economics expect stability in OPEC+ actions, while ING points to a reduction in the discount between WTI and Brent due to increased US production and global supply.
