WTI price edges lower to near $60.80 in Wednesday’s early Asian session.
OPEC cut its oil demand growth forecast for this year and next year as Trump’s tariffs weigh on global economic growth.
Crude oil stockpiles in the US rose by 2.4 million barrels last week, according to the API.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $60.80 during the early Asian session on Wednesday. The WTI price remains on the defensive as traders continue to assess the latest headlines on US President Donald Trump's tariff.
The Organization of the Petroleum Exporting Countries (OPEC) lowered its demand forecast on Monday due to the uncertainty caused by the United States' erratic trade policy. The International Energy Agency (IEA) followed on Tuesday with its projection that global oil demand in 2025 will grow at its slowest pace for five years due to concerns about economic growth brought on by Trump's trade tariffs.
Since Trump unveiled his sweeping tariff measures on April 2, the WTI price has dropped more than 14%. The agreement by OPEC+ to increase output beginning in May contributes to the WTI’s downside. The OPEC+ group has agreed to accelerate oil production starting in May even as OPEC sees slightly lower demand for crude and softer economic growth.
The American Petroleum Institute (API) weekly report showed crude oil stockpiles in the US for the week ending April 11 rose by 2.4 million barrels, compared to a decline of 1.057 million barrels in the previous week. The market consensus estimated that stocks would fall by 1.68 million barrels. So far this year, crude oil inventories have climbed more than 24 million barrels, according to the API data.
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