The price of WTI crude oil futures settled at $58.21. That's down -$2.21 or -3.7%.
The low price today reached $57.94. The high price was at $60.39. The price traded to the lowest level: back to April 9. The settlement is the first below 60 since April 8. The lowest close this year was at $58.15, just below this level.
There are a number of different reasons for the decline including:
Concerns that U.S. tariff policies are slowing global growth and may push the U.S. economy into recession.
U.S. Q1 GDP contracted by 0.3%, according to the Bureau of Economic Analysis—well below the expected 0.8% growth and a sharp reversal from 2.4% growth in Q4 2024.
Consumer confidence has plummeted, with the index hitting its lowest level since 1990, signaling widespread concern among households.
Private sector hiring sharply missed expectations, with the ADP Employment Report showing just 62,000 new jobs in April—far below the 134,000 forecast and down from 147,000 in March.
OPEC+ is adding significant new supply, with 411,000 barrels/day set to return to market in May and more likely in June as the group unwinds its 2.2M bpd voluntary cuts.
Saudi Arabia is signaling readiness for a “prolonged period of low prices”, aiming to regain market share and retaliate against countries like Kazakhstan and Iraq for overproducing.
The only positive today was that
Oil inventories unexpectedly declined, with the EIA reporting a 2.7M barrel draw last week vs. expectations for a 0.39M barrel build, but the bullish signal was overshadowed by broader macro and supply-side pressures.
Looking at the daily chart, the low price for the year – are going back to February 2021 reached $55.15 on April 7. There is no below support between the current level and that level.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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