Oil Falls as Investors Lower Their Demand

PUKMEDIA

Oil field.

Crude oil prices saw a decline on Tuesday, 29 April 2025, as investors lowered their demand growth expectations due to the ongoing trade war between the United States and China, the world's two biggest economies.

Brent crude futures fell by 44 cents, or 0.7%, to $65.42 per barrel by 0400 GMT. U.S. West Texas Intermediate crude futures fell 40 cents, or 0.6%, to $61.65 a barrel. Both benchmarks fell more than $1 on Monday.

U.S. President Donald Trump's push to reshape world trade by imposing tariffs on all U.S. imports has created a high risk that the global economy will slip into a recession this year, according to a majority of economists in a Reuters poll.

China, hit with the steepest of those tariffs, has responded with its own levies against U.S. imports, stoking a trade war between the top two oil consuming nations. That has prompted analysts to sharply lower their oil demand and price forecasts.

Moreover, focus is also shifting to the upcoming OPEC+ meeting on 5 May, where member nations may consider raising production to address global supply dynamics. At the same time, geopolitical factors—including U.S.-Iran nuclear negotiations and regional tensions in the Middle East—are also shaping market sentiment.

Despite a cautious atmosphere, some investors are monitoring for potential buying opportunities, particularly if diplomatic progress is made. For oil-reliant regions such as Iraq, including Sulaymaniyah, these price movements remain significant for economic planning and budgetary policy.



PUKMEDIA