Oil prices extended declines on Wednesday

 

Oil prices continued their downward trajectory on Wednesday, April 30, 2025, with Brent crude falling below $63 per barrel for the first time since April 11, and West Texas Intermediate (WTI) trading near $59.66 

This marks the steepest monthly decline for Brent since the contract began trading in 1988, with a drop of approximately 15% in April 

Key Factors Behind the Decline:

• Escalating Trade Tensions: President Donald Trump's recent tariff announcements have reignited trade hostilities, particularly with China, leading to concerns over global economic growth and reduced energy demand .​

• OPEC+ Output Considerations: Reports suggest that OPEC+ is contemplating accelerating oil output increases, adding to concerns of a potential supply glut in the market 

• Economic Indicators: Data indicating signs of strain in the U.S. economy have further dampened the outlook for oil demand .