Singapore April 21 2025: Oil prices fell more than 1.5% on Monday as investors once again focused on concerns U.S. tariffs on its trading partners will create economic headwinds that will reduce fuel demand growth.
Brent crude futures slipped $1.10, or 1.6%, to $66.86 a barrel at 0255 GMT after closing up 3.2% on Thursday. U.S. West Texas Intermediate crude was at $63.57 a barrel, down $1.11, or 1.7%, after settling up 3.54% in the previous session. Thursday was the last settlement day last week because of the Good Friday holiday.
“The broader trend remains tilted to the downside, as investors may struggle to find conviction in an improving supply-demand outlook, especially amid the drag from tariffs on global growth and rising supplies from OPEC+,” said IG market strategist Yeap Jun Rong.
OPEC+, the group of major producers including the Organization of the Petroleum Exporting Countries and allies such as Russia, is still expected to hike output by 411,000 barrels per day starting in May, though some of that increase may be offset by cuts from countries that have been exceeding their quotas.
