Crude oil futures settled down $-1.13 or -1.67% at $66.55. The low price reached $66.40. The high price reached $67.91.
- IEA forecasts global oil demand to rise by 1 million bpd in 2025, up from 0.83 million bpd in 2024.
- Supply expected to outpace demand by 0.6 million bpd, with OPEC+ set to restore 2.2 million bpd of production cuts and rising output from North and South America.
Hopes for a peace deal with Russia and Ukraine could add Russian oil to the market lowering the price
Moreover, the U.S. trade wars create economic uncertainty, with new tariffs and retaliatory measures increasing downside risks.
On the positive side, the markets are pricing in 3 Fed cuts between now and the end of the year that could stimulate demand.
The 10-year yield is trading at 4.279%. That is down from its January high at 4.809% but remains above the low price reached in March at 4.108%.
