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Commodity Mid Session News

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(03 May 2025, 14:16)

Weekly Crude Oil Review: WTI futures slump under $60 per barrel

WTI Crude oil futures tanked under $60 per barrel to approach near four-year lows near $58 per barrel. Oil is falling as worries over Chinese demand trends and rising US crude oil inventories are keeping the mood muted. The US imports of petroleum products decreased by 210,000 barrels per day (b/d) in 2024 to average 1.8 million b/d. Imports of all major transportation fuels, such as motor gasoline, diesel, and jet fuel, as well as other products, such as unfinished oils, decreased. This is likely to cap major uptick in oil prices in near term. Sentiments are volatile on the whole as the US President Donald Trump said that any country buying oil or petrochemicals from Iran will be subject to secondary sanctions immediately.
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