Oil prices lower their losses slightly but it remains under pressure

Oil prices have slightly reduced their losses, after the US rough below $ 60 a barrel, which is the lowest level since April 2021, but still under the pressure of the fear that rising trade wars will lead to a global economic stagnation, which weakens the demand for energy. Brent -ruol fell about 2.5% to just a little less than $ 64 a barrel, after it landed to $ 63 earlier today, while the intermediate rough of West Texas recorded $ 60.25 a barrel, a 2.8% decline, as at 06:28 GMT. Analysts attribute this drop to the increase in the “OPEC+” production alliance, and the tensions caused by customs definitions imposed by US President Donald Trump, causing widespread concerns about an economic slowdown that may affect the United States and the world, and thus leads to a decrease in the demand for oil. not. This comes at a time when Saudi “Aramco” reduced the price of selling light Arabic crude oil to the largest buyers in Asia than expected in May, according to “Bloomberg”. The oil expert, Riyad Al -Nazzal, told Al -Sharq in a statement that “the significant drop in oil prices exceeded by more than 6% within a week, the first signs of US customs tariffs,” added that the tension hit the markets, despite the exclusion of oil from the fees. AL -NAZZA has indicated that the market is currently submitting double pressure in poor world demand as a result of the slowdown in the economy and the increase in supply, in light of the high US crude shares, and the announcement of the “OPEC+” coalition of production plans during the upcoming period. He added: “All of these data makes it unlikely that the price of a barrel is $ 75 until the end of the year, a level less than expectations in the budgets of most oil countries.” “The market’s markets have started and are still panicking,” Vanda Insights told Singapore to Bloomberg. She added: “No one dares to determine the bottom of the market and stand amid the wave of sales.” Geopolitical developments that can turn the scene with this have not excluded the battle that geopolitical developments lead to the heart of the scene in the oil world, explaining that “the repeated American threats to Iran, and the attacks on the Houthi group in Yemen, as well as the possibility of additional Russia and the exports of Venzuela. With the uncertainty of uncertainty, the oil markets remain vulnerable to sharp fluctuations in the coming months, in light of a conflict between the powers of supply and demand, and a fragile balance between commercial policy decisions in Washington and production trends in “OPEC+”. Investors are carefully monitoring whether these factors will keep prices under pressure or a new climb will be driven by geopolitical tension. ‘Goldman Sachs’ reduces price expectations, on the other hand, the Goldman Sachs Bank has reduced its expectations for the ‘Brent’ price to December, by $ 4 a barrel to reach $ 62, in the second decline in its expectations in less than a week. “We are once again lowering our expectations for oil prices, after taking into account the discount for gross domestic product, has announced that our economies have been announced in recent days, including the expectations of the slowdown in the US economy,” analysts, including Dan Stroenin, wrote in a April 6 note. The expectations of the “West Texas” price for December were also reduced by $ 4, as well as $ 58 a barrel. Regarding expectations for the annual average in 2026, it is now $ 58 a barrel for ‘Brent’ RU and $ 55 for the ‘West Texas’ crude oil, ie 4 to $ 5 if the future prices recorded at Friday’s closure indicated the analysts.