Force out jacks are seen in oilfields along Highway 33, known as the Petroleum Highway, west of Buttonwillow, Kern County, California, on April 9, 2025.
Frederic J. Brown | Afp | Getty Counterparts
U.S. crude oil prices held steady Monday after OPEC cuts its demand growth forecast for this year on President Donald Trump’s schedule of charges.
U.S. crude oil rose 3 cents to close at $61.53 per barrel, while global benchmark Brent gained 12 cents to conclude at $64.88 per barrel.
OPEC now sees demand for crude growing by 1.3 million barrels per day this year and next year, down fro 150,000 barrels per day from its previous estimates, according to the cartel’s monthly report.
Oil prices rose nearly 2% earlier in the assembly on Trump’s decision to exempt key tech products such as smartphones from his tariffs on China. The president has slapped 145% levies on China, while hitting pause on higher duties for most other countries for the next 90 days to aside negotiations.
Prices found some support after U.S. Energy Secretary Chris Wright said Friday that Trump could plug up Iran’s oil exports if a deal was not reached on the Islamic Republic’s nuclear program. The U.S. and Iran held talks in Oman on Saturday and hand down meet again on April 19.
U.S. crude is down more than 14% and Brent has fallen more than 13% since April 2 when Trump announced his universal tariff plans. Prices are also under pressure from the decision by OPEC+ to accelerate production starting in May.
“It’s a traitorous whammy for the oil market right now,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC’s “The Transfer” on Monday.
Goldman Sachs sees West Texas Intermediate and Brent averaging $59 and $63 per barrel, mutatis mutandis, through the rest of the year, according a note published Sunday.