WTIUSD

WTI crude oil is trading at $60.07 per barrel, down 3.64% due to Trump's tariff increases on China and concerns over the trade war. Earlier today, oil prices fell to as low as $58.76, continuing to be under pressure as global growth and demand concerns rise. The Trump administration's imposition of a total 145% tariff on China poses a risk of negatively affecting the Chinese economy and consequently oil demand. The decision by OPEC+ to increase production by 1.25 million barrels per day starting in May also deepens concerns about oversupply. The crude oil stock data released in the U.S. showed an unexpected increase of 6.165 million barrels, indicating an abundance of supply. Goldman Sachs revised its WTI crude oil forecast for 2025 from $68 per barrel to $58 per barrel. Technically, if WTI breaks the critical support at $58, it could decline to $55 per barrel, but it is expected to recover towards $65 per barrel if trade tensions ease. While the short-term outlook remains negative, it is notable that prices have lost about 27% from the $62.35 per barrel level.