Oil prices have once again fallen in the global market, hinting at a possible thaw in trade tensions between the US and China. Ahead of the upcoming OPEC+ meeting, analysts suggest the market is trending downward.
On Friday, May 2, Brent crude dropped by 42 cents (0.7%) to $61.71 per barrel, while West Texas Intermediate (WTI) fell by 46 cents (0.8%) to $58.78 per barrel, according to Reuters.
China's Ministry of Commerce announced that it is reviewing a proposal for trade discussions from the United States, raising hopes of improved relations. However, Harry Tchilinguirian of Onyx Capital Group cautioned that the optimism may be short-lived.
Earlier this week, on April 30, Brent and WTI saw similar declines—Brent by 1.17% to $63.50, and WTI by 1.31% to $59.63 per barrel.
In April, both benchmarks experienced their steepest monthly losses since November 2021: Brent fell 15%, and WTI dropped 17%.
Meanwhile, surveys indicate growing concerns over a potential global economic slowdown, driven by tariff policies, and report that China’s manufacturing sector shrank at its fastest pace in 16 months.
