Oil benchmarks extended declines, poised for worst April since 1988
The selloff in crude markets this month has been driven by a combination of bearish factors. The escalated US-China trade war has darkened the global economic outlook and dampened projections for oil demand growth
Crude oil prices fell sharply on Tuesday, 29 April 2025, with international benchmarks plunging over 2% to reach two-week lows, as markets weighed the likelihood of increased supply from OPEC+ and the potential drag on global demand.
Brent crude futures fell by $1.61, or 2.4%, to settle at $64.25/barrel.
WTI dropped by $1.63, or 2.6%, to settle at $60.42
Brent is now on track for a monthly loss of more than 14%—its steepest April decline since the contract's inception in 1988.
The selloff in crude markets this month has been driven by a combination of bearish factors. The escalated US-China trade war has darkened the global economic outlook and dampened projections for oil demand growth. Meanwhile, signs of easing output constraints from the OPEC+ alliance have fuelled concerns of oversupply.
A Reuters report indicated that several OPEC+ members are likely to propose a faster pace of production increases for a second consecutive month when they meet in June. Among them, Kazakhstan reported a 7% year-on-year increase in crude exports during the first quarter of 2025, aided by greater flows through the Caspian pipeline.