The market is dominated by concerns about OPEC+ excessive oil production and the uncertain prospects for the trade war between the United States and China.
Oil prices in the world fell on Friday, losing more than 3% from the beginning of the week against the back of fear about excessive productivity and uncertainty around tariff negotiations between the United States and China. About this on April 25 was writing Reuters.
Thus, June Brent Oil Futures fell 1.31% to $ 65.68 per barrel of 15:51, lowering by 3.3% per week.
And different WTI contracts sank 1.32% to $ 61.96 per barrel. Within Sunday, autumn was 4.2%.
“Prices have been reduced because fears about excessive production from OPEC+ are preserved, while demand prospects remain unclear against the background of retained trade tension.
Oil prices have lost recent growth after representatives of the China Foreign Ministry that China and USA do not conduct any consultations or negotiations with tariffs. This is contrary to the previously made statements by US President Donald Trump, who on Thursday said trade negotiations between Washington and Beijing are ongoing.
“Entrepreneurs believe that additional oil prices are not likely in the short term due to trade war and think OPEC+ can accelerate production increases since June,” said Saxo Bank analyst Ole Hansen.
Note that in Russia they have significantly reduced expectations for oil prices in 2025. Each dollar, reduced by oil prices, costs the Budget of the Russian Federation about 160 billion rubles of income each year.
News from CORRESPONDENT.NET On the telegram and whatsapp. Subscribe to our channels https://t.me/KorresPondentNet and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.