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World oil prices declined on Tuesday, 29 April, amid growing concerns about global demand due to escalating trade tensions between the US and China. The world’s two largest economies, which are also key oil consumers, continue their economic confrontation, which is already affecting energy markets.
According to Reuters, Brent futures fell by $0.44 (-0.7%) to $65.42 per barrel, while WTI crude fell by $0.40 (-0.6%) to $61.65. The day before, both benchmarks lost more than $1.
“Markets are closely watching the trade negotiations. A further deterioration in relations between the US and China could push the world into recession,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Barclays has lowered its 2025 Brent price forecast to $70/bbl, citing the risks of a market glut amid changes in OPEC+ countries’ production policies and global trade tensions. OPEC+ may increase production in June for the second month in a row.
“A significant price drop is possible if exporters fail to coordinate their actions,” warns energy analyst Philipp Verleger.
