Oil prices fell marginally during trading on Thursday, May 1, 2025, continuing their losses for the third consecutive session, amid fears of an economic recession threatening global demand.
Indications of a potential increase in OPEC+ production and data showing a contracting US economy sparked a sharp sell-off during the previous session, sending West Texas Intermediate (WTI) crude prices to their lowest level since March 2021.
Oil markets recorded their largest monthly decline in more than three years in April, as the global trade war undermined fuel demand prospects amid signs of increased oversupply.
Oil prices closed trading on Wednesday, April 30, with a significant decline, continuing their losses for the third consecutive session, amid fears of an economic recession threatening global demand.
By 6:36 AM GMT (9:36 AM Mecca time), Brent crude futures for July 2025 delivery fell 0.16% to $60.96 per barrel.
US West Texas Intermediate (WTI) crude futures for June 2025 delivery also fell 0.24% to $58.07 per barrel.
Oil prices fell after US President Donald Trump announced on April 2 that he would impose tariffs on all US imports. They then continued to decline to four-year lows after China retaliated with tariffs on US imports, sparking a trade war between the two largest oil consumers.
